10 Tips for Success on IRS Payment Plans

  Around 15 million Americans owe back taxes to the IRS at any given time.  Here are 10 tips to consider when you owe IRS back taxes: In order for the IRS to consider a payment plan, you must have filed all of your tax returns to date.   Remember IRS Policy 5-133 which states that at the least, the last … Read More

IRS Currently Not Collectible Program

The IRS Currently Not Collectible Program (“CNC”) may be your answer if you owe the IRS for back taxes, and you can’t make a monthly payment? In other words, this is the IRS hardship program for taxpayers who are currently having severe financial problems. The IRS will require the taxpayer to disclose all of their financial details, such as monthly … Read More

IRS Levies–why you should be worried about your bank accounts!

I written elsewhere why you shouldn’t be overly worried about losing your house or cars to the IRS for back taxes.   On the other hand, you SHOULD be very worried about the IRS freezing your bank accounts and seizing payments from contracts owed to you. What are your Legal Rights to Protect you From an IRS Levy? If you’ve ignored … Read More

IRS Partial Pay Installment Agreement–a powerful, and under-utilized tool

Yes, the IRS does have the ability to accept less than a full amount required to pay off a tax liability.  This is known as a Partial-Pay Installment Agreement (PPIA).  In other words, you pay what you can afford (after providing the IRS with a full picture of your monthly income, family size, and monthly expenses). Comparing a PPIA to … Read More

Resolving an IRS Complex Installment Agreement

When a taxpayer owes the IRS more than $50,000 and he wishes to enter into a payment plan, then it’s not such as easy matter. In fact, in most situations, the IRS will want him to submit all of his financial information (IRS Form 433-A), which will tell the IRS all about his income, expenses, other debts and assets. The … Read More

IRS Streamlined Installment Agreement

The IRS has a variety of payment plans, which it calls “Installment Agreements”.   For example, if someone owes less than $10,000, they can enter into a “guaranteed” installment agreement, which means that yes, the IRS will guarantee the taxpayer to repay the debt over a period of time. Another form of payment plan is called a “Streamlined Installment Agreement”, which … Read More