Settle Your IRS Debts by Setting Up A Payment Plan Form
Posted by IRS Tax Debt Solutions on November 4th, 2019
If you are suddenly notified by the internal revenue service that you owe them some subdue amount on your taxes, your first response will be most probably between fear and terror. In that frame of mind, you'll jump into numerous solutions that you can think of without being aware that there are many IRS tax payment plans available to you. These plans are offered by the IRS to pay the tax debt in easy monthly installments like in the case of a mortgage. It also gives you a period of 36 to 72 months to clear your debt however you need to pay the penalties and interest charges that are the result of the non-payment of taxes. For this, you need to fill a simple 2 pages long IRS payment plan form.
• The IRS payment program offers a relaxation period to those for paying the pending tax payments with easy monthly installments. So, if you are one among those that cannot have financial ability to clear the tax liability then it can prove a boon for you. The major advantage of an Installment Agreement is that the taxpayers can take up to 72 months to pay off their tax debt rather than having to pay it in one lump sum. Additionally, an individual who is completely up to date on their tax filings and owes less ,000 to the IRS is automatically eligible to apply for an Installment Agreement. The application process is relatively simple and pain-free with the assistance of a skilled tax attorney, and as soon as your application is submitted, the IRS will cease all collection activities against you, including bank levies, wage garnishments, and property seizures.
• The IRS realizes that sometimes individuals cannot make the minimum required payments with an Installment agreement and therefore they created the partial payment option. In order to apply for the partial payment option, you will need to fill out IRS form 9465, and IRS Form 433-A. Out of all IRS filings, the difficult part of this filing is figuring out how much you want to make as a minimum monthly payment amount. You have to realize that the lower the amount you choose the more you will pay in total interest, but you also don't want to pay more than you can financially handle because if you miss one payment the IRS will cancel the agreement and they can take harsh collection actions against you. You will find numerous websites offering different types of payment packages that you can see and select when setting up these agreements.
• After submitting the application for the IRS installment agreement by filing the IRS payment plan form, the department will assess your application and upon receiving it they will inform you within two months whether the application is approved or not. If your application has been approved then you will get a notice that will provide you with the detailed terms of the agreement and also the fee to submit. This way you can clear your undue amounts easily without stressing on paying the whole amount at once.