If you owe back taxes to IRS, there are several things that you want to consider. First of all, if you owe back taxes to IRS, you may want to consider an installment agreement. If you owe irs back taxes or owe IRS back money, an installment agreement is a program that allows a taxpayer to pay off their outstanding tax liabilities. However, if you owe irs money and are considering this kind of agreement, it is important to note that there are several different kinds of installment agreements.
When owing back taxes of an assessed balance less than $25,000.00 and if you can pay the full balance in 60 months or less, you may want to consider a streamline installment agreement. In this situation, the taxpayer does not have to provide any financial documentation as long as they are compliant, below $25,000.00. If you owe back taxes to IRS you may also want to consider a Conditional Expense installation agreement. This is used when a taxpayer has additional monthly expenses that they are paying for (such as credit cards, personal loans, 401K, etc) and must continue making these payments, but they can still full pay their entire IRS balance within 60 months. There are also several other kinds of installment agreements that you want to consider (also known as an IA), such as a stair step IA, a traditional IA, a partial pay IA (or PPIA), among others.
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