Types of IRS Payment Plans:Note: Before you try to qualify for any type of agreement with the IRS, make sure all your taxes are filed and up to date.
Online Payment AgreementAn online payment agreement with IRS, is probably the easiest option of the three listed here. You must owe $50,000 or less in taxes, including penalties and interest. Make sure you have all the information from your filed taxes, and you can file online.
Installment AgreementWith this option, you cannot apply online, but you get just about the same advantages. This agreement lets you pay your tax debt over an extended period of time, with several different payment options. You can pay by direct debit of your bank account or credit card. Find more information on Installment Agreements.
Partial Payment Installment AgreementIf a person is not able to pay the full amount of taxes owed by the Collection Statute Expiration Date, but still has some ability to pay, then a partial payment agreement can be considered. With this type of agreement, the IRS will want to know about the equity of your assets, and may require you to use that equity to make a payment.
There are a few more payment plans available, but it is always best to find the right one for your financial needs. Any type of payment plan can help to make your tax liability a little easier to pay. However, if you have a financial hardship, then the IRS has agreements and options available for those situations, too.
Don't Hesitate In Acting:No matter what the circumstance, it is never a good idea to ignore the IRS. What starts as a small amount, can easily grow to double the original amount you owed. Penalties will be added and interest will continue to accrue until the full amount is satisfied. Another plus for an IRS Payment Plan, is if you pay the full amount, sometimes the IRS will lower or remove some of the penalties and interest.
If you owe taxes to the IRS, you need to take action immediately. Delaying will only worsen the array of collections attempts from the IRS. You can contact New York Tax Attorney Service at (347) 535-4017 to be connected with a tax debt professional in New York City, .
OPTIONS FOR IRS PAYMENT PLANS!