Payment Plan
The IRS Payment Plan program is for taxpayers and businesses that cannot settle their entire tax debt all at once and need to arrange a payment plan to get it paid. The IRS Payment Plan provides the taxpayer with valuable time to catch up and escape the harassment and embarrassment of revenue officers and agents, allowing room to map out an affordable solution.
How Can The IRS Payment Plan Help Me?
If the IRS has burdened you with an unreasonable payment plan or is threatening to levy your wages, bank accounts, and other assets, Kaufman, Englett & Lynd, PLLC (KEL Attorneys) can assist you in obtaining a monthly payment plan that conforms to your current financial requirements or, if your financial condition warrants, we can assist in having your account placed in a "not currently collectible" status. Under this IRS payment plan program, the IRS withholds all collection activity until you are financially able to adhere to a payment plan or have an Offer in Compromise submitted. If you are interested in getting your life back under control by requesting an IRS payment plan in the form of a monthly payment plan, please give us a call or fill out our online form. Your assigned strategist will explain the specifics of the IRS payment plan program and how a monthly payment plan might work for you.
What Kinds Of IRS Payment Plans Are There?
The IRS offers a couple of different payment plans. These payment plans are differentiated by the amount of tax debt, penalties, and interest that are owed. IRS payment plans are essentially payment plans where the taxpayer agrees to a monthly payment plan, or installment plan. When you agree to a monthly payment plan, you are agreeing to pay the amount due, and when it is due.
Is There A Fee To Set Up An IRS Payment Plan?
Yes, the IRS charges a small user fee to set up the payment plans. If your income level is equal to or below the Department of Health and Human Services' poverty guidelines, you can apply for a reduced user fee as it relates to your approved payment plan.
In the event your financial situation changes, a user fee is assessed for taxpayers who need to reinstate their defaulted agreement or need to restructure their existing agreement. If necessary, it may be possible to modify or restructure your current payment plan.
Is There A Consequence If I Fail To Make My IRS Payment Plan Payments?
Yes, and, in fact, there could be several consequences! It is very important to make sure you will be able to make all payment plan payments as scheduled. Failure to make your payment plan payments as agreed can trigger the filing of an IRS Notice of Federal Tax Lien and/or IRS levy action. It is likely that your monthly payment plan will fall into default if you fail to make your monthly payment plan payments. Also, if you default on your monthly payment plan, your credit could be negatively impacted. To learn more about the IRS's payment plans, please complete our online contact form or give us a call.
Should I Try To Work Out An IRS Payment Plan Myself?
Unless you are well-versed in the intricacies of the Tax Code, my answer would be, no. The Tax Code is cumbersome at best and contains a highly detailed legal framework that can escape the untrained novice, leading to even greater IRS issues and challenges. All in all, it is important to understand that dealing with the IRS can be contentious at times as well as stressful. At KEL Attorneys, our dedicated and competent tax team has been handling tax matters for our clients for over a decade and we have a compelling track record in dealing with the IRS.
The outstanding tax team at KEL Attorneys is ready, willing, and able to work with you to set up a monthly payment plan with the IRS. We pride ourselves on being able to navigate through the IRS's paperwork, programs, and payment plans to deliver a successful outcome for you. To get started on a payment plan, give us a call or complete our online form.
Our expertise is also acknowledged by the fact that KEL Attorneys is frequently approached by mainstream media to provide legal opinions. A few of the news media outlets that have contacted us for our legal opinion include ABC News, NBC News, Fox News, Fox Business, and CNBC.
Additionally, a radio show is hosted by our managing partner, Matt Englett, Esq., every Thursday beginning at 6 p.m. EST. The show, entitled "Under Oath," can be found at am540 (WFLA).