Looking for Installment Agreement PDF
Do You Need to Extend your Installment Agreement with the IRS?
A Payment Plan was Accepted and Set-Up, Why Did I Still Receive a Threatening IRS Letter?
This section is for taxpayers that want assurance that their payment plan is in motion, and no adverse or negative penalties or interest is accruing on their account. Reading this small paragraph / example below should help you better understand why you most likely received the penalty and interest letter(s). Understanding the way the IRS automated system works is key.
The best way to explain this common problem is by example.
Let’s say you filed your taxes on-time, and their was a balance owed to the IRS of $3500.
- You could only afford to pay $1,000 at the time of filing, leaving you with a $2,500 balance.
- Your tax professional put you on a payment plan to pay $500 per month for 5 months.
- The payment plan was accepted, and all is well.. until:
You receive an IRS letter outlining your $2,500 balance is subject to interest and penalties.. What Happened?
The short answer is: Nothing unusual happened (IRS business as usual happened), when you file and there is a balance owed the IRS automated system triggers an automated letter which is then sent to you saying “hey taxpayer you owe us this, and if arrangements aren’t made you’ll owe us this”. The automated system does not know yet that you or or your tax professional set up a payment plan. The IRS automated system is always behind, look a it as an old news regurgitator. Although, it is a way to let taxpayers know what can happen if actions aren’t taken.
At Tax Service Masters, helping clients find practical solutions to tax debt is exactly what we do. Owing the IRS money may seem intimidating, but for us it’s business as usual and very solvable. After hiring licensed representation and signing a power of attorney for IRS representation, our enrolled agent will fact find, and present you with the discovery and options.
IRS Installment Agreements (Payment Plans)
When you owe money to the Internal Revenue Service (IRS) that you are unable to pay in one lump payment, you may be eligible to make regular monthly payments through an installment agreement. If the IRS accepts this agreement, and you make timely monthly payments until you have paid your tax debt in full, you can avoid additional penalties and interest. Additionally, you will no longer be subject to aggressive collection attempts, such as wage garnishments, tax levies, and frozen bank accounts.
What If the IRS Is not offering an affordable Installment Agreement?
This happens a lot… Even though you probably know how much you can afford to repay the IRS, and how long you’d like to take to pay off your tax debt; the IRS has another idea – a plan that usually involves higher payments than you anticipated, with a shorter window to pay off the tax debts. When it comes to installment agreements, the IRS wants as much money from you as possible, in the shortest amount of time.
Enrolled Agent Representation
Our enrolled agents know how the agency works from the inside-out. Enrolled agent representation can make all the difference when seeking affordable payments to the IRS. It’s not uncommon for us to reach monthly Installment Agreements that are very affordable and realistic for our clients. We have hundreds of IA case studies.
After fact finding, and discovery presenting, we will discuss options with you. If in fact you meet IRS conditions for an installment agreement, with your consent we’ll move forward with submitting the digital documents needed.
We accept office walk-ins, appointments, as well as phone meetings to discuss your tax goals, and options.
Tax Service Reviews
-
My 2022 taxes were prepared perfectly, had several types of income to report, rental income, previous losses to carryover and not a clue how to file or prepare correctly on... More Tax Reviews
FLA BUSINESSES
November 1, 2023Не каждый день в жизни встречаешь компетентных, профессиональных и отзывчивых людей. Ирина — одна из них. Большое спасибо за ваш совет!!! Я ваш клиент!!! It's not every day in your... More Tax Reviews
Igor Blintsov
August 1, 2023 -
This year we were forced to change the old accountant. Came here on a recommendation and we were pleased. Professionally, fast, easy, fair price, understandable. Definitely recommended.
Eugene Pustovalov
March 1, 2023Iryna has helped me and my friends to solve difficulties with taxes promptly and professionally. Highly recommend!
julia brensel
December 1, 2021 -
This was my first time coming to this place. Never heard of them before, but I was very impressed. Joseph and Iryna were very knowledgeable, respectful, and professional. This is... More Tax Reviews
J E
March 1, 2023Outstanding Service! Irnya is the best! I will definitely use them again!
Filvis
December 1, 2022 -
I would definitely recommend this company to my family and friends very fast and accurate services
James Hinton
December 1, 2021Tax Service Masters is the best!!! They did an amazing job settling my debt with IRS! Fair prices and high-quality service with results.
Svetlana Pinegar
March 1, 2023 -
Service was super fast and very professional. I would highly recommend Iryna for your accounting needs.
Alex Mak
December 1, 2021Tax Service Masters by far exceeds any expectations and good experiences I have ever had with personal and business taxes. The minute I walked in, I was amazed by the... More Tax Reviews
Michael Lara
December 1, 2022 -
I have hired @tax service masters to open a U.S. based company and a bank account for me. All was done remotely (I didn’t have to even come into the... More Tax Reviews
Marianna Rack
October 1, 2023Helpful, friendly annual tax prep and bookkeeping. She has helped me save money on taxes as a business owner!!! Thank you😊
Stacey Given
December 1, 2022 -
Excellent service! Always works diligently and in the client’s best interests!
J Brensel
November 3, 2023Iryna and Joseph are super professional, and their rate very affordable. I am so glad I found them. My situation is complex and they helped me a lot, I would... More Tax Reviews
TakeaBreath Club
July 1, 2023 -
Thanks Iryna. You are the best
anastasia asipchuk
December 1, 2022Nice to work with!
David Chambers
November 3, 2023 -
We know Irina around 3 years. She is professional and good person) We like her service in accounting and tax documentation.
Нина Худабердиева
December 1, 2021Service was amazing fast and easy, For sure I’m coming back next year.
Ivri Depaz
December 1, 2021 -
Friendly and fast. I received my return before my girlfriend got hers, and she filed online before i did... Thanks Tax Service Masters!
E Rock
March 1, 2023I highly recommend Irina for tax income services, she is very good!
Marina Roublenko
December 1, 2022
