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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 your tax professional set up a payment plan. The IRS automated system is always behind, look at 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.
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