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Tax Day has come and gone. Those who have not yet paid their taxes may have many reasons for doing so. They may have procrastinated and missed the deadline. They may not be able to pay. Whatever the reason for the failure to pay, it is important to take step to...
As Benjamin Franklin once said, “In this world, nothing is certain except death and taxes.” But what happens if we cannot pay our tax bill? The Internal Revenue Service (IRS) offers different options, one of which is the ability to make payments in a payment plan....
The IRS tells you that your business owes $100,000 in back taxes. You have no idea what you’re going to do. Yes, you made some tax mistakes, but that doesn’t change the fact that your company is not sitting on $100,000. You just started this business, and you’re...
Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties assessed by the IRS. Taxes unpaid by the original filing due date are subject to interest and a monthly late payment penalty. The failure to file a tax...
The IRS is required to give a taxpayer adequate notice before terminating an installment agreement. You should receive Notice CP523 in the mail and be given 30 days to respond or fix the issue. The Notice CP523 is telling you that you have defaulted on your payment...
The IRS prefers Direct Debit Installment Agreements (DDIA) to payment by check or other methods. Payments occur automatically, so the taxpayer doesn’t need to remember to send a payment each month, which reduces the risk of default. To encourage taxpayers to use...
When your installment plan defaults, the IRS can once again use enforced collection actions to try to collect your tax debt. This can include any of the following actions: Wage garnishments that take a portion of every paycheck you receive Bank accounts levies Filing...
It’s frustrating when the IRS rejects your installment agreement request, but you may have a chance to salvage the situation. You can sometimes make a few small changes to improve your offer and increase the likelihood it will be accepted. Installment agreements may...
Your IRS payment plan should set you up for success when it comes to paying off your tax debt. But if you don’t negotiate an agreement that fits your budget, you could end up defaulting on your agreement or having other financial problems. Consult with a tax payment...
IRS installment agreements can last anywhere from a few months to five years or more. The following factors can all influence the length of your repayment period: How much you owe the IRS Your ability to repay your tax debt When the collections statute expiration date...