Installment Agreement Increase
Is your Installment Agreement about to Increase? No problem, we can help. Tax Service Masters can apply for an extension with the IRS with ease. Contact us, or fill out the form below and we’ll call you.
Why Is My Installment Agreement Increasing?
Why would your Installment Agreement Increase? Oftentimes, tax professionals are able to arrange Installment agreements for their clients. However, the IRS grants a lesser amount during the 1st year of the agreement and an increase afterwards. The dilemma being taxpayers usually need an extension of the lower installment agreement. Whether your increase is coming up, or already in effect we can help you receive an Installment Agreement Extension. Individual results vary, and are based on the financial information you provide us.
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.
Tax Service Reviews
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November 3, 2023 -
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December 1, 2021 -
My accountant of many years really put me in a bind, she had me three years behind on my taxes. I found the Tax Service Masters, not only was Mr.... More Tax Reviews
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December 1, 2021 -
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December 1, 2022 -
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November 3, 2023 -
Service was super fast and very professional. I would highly recommend Iryna for your accounting needs.
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December 1, 2021 -
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