IRS Payment Plans
What does it mean?
An IRS payment plan, also known as an installment agreement, allows you to pay back your tax debt in a more manageable way. It’s also the most common way for taxpayers to pay their outstanding tax liability.
How does it work?
With an IRS payment plan, you can negotiate a monthly payment that fits your needs instead of paying back your taxes in a hefty lump sum. Moreover, qualifying for a payment plan can put an end to all collection calls, levies, and garnishments.
Your taxpayer history is the most important factor in determining which type of IRS payment plan you qualify for. If you’ve previously negotiated a payment plan with the IRS that didn’t work out, the IRS may be less willing to give you another chance.
The IRS is normally prohibited from levying when you request a payment plan, and the IRS’s time to collect is suspended or extended while an installment agreement is underway. A request for a payment plan is frequently held in limbo until it is examined and a payment plan is formed, or until the request is withdrawn or refused. If the desired payment plan is rejected, the collecting period will be paused for 30 days. Similarly, if you fall behind on your plan and the IRS suggests terminating your installment agreement, the collection process is paused for 30 days.
Many people find it difficult to cope with a large tax burden. If you’re struggling to pay back the amount the IRS says you owe, give us a call! We can get you a better option.
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Liens and Levies
The IRS has multiple tactics to collect the debt they say you owe. Two of these are liens and levies, which give the IRS the legal right to stake a claim on your property and actually take it. The good news is, you can get liens and levies removed with the right help on your side! Learn more about liens and levies here.