IRS Installment Agreement Help

Information about IRS Installment Agreement Help

Published on December 22, 2009

Author: backtaxes

Source: authorstream.com

Content

Selecting the Right IRS Installment Agreement : Selecting the Right IRS Installment Agreement John Williams BackTaxesHelp.com Contributing Author and Tax Accountant Slide 2: An IRS Installment Agreement can be defined as an agreement between the IRS and the taxpayer to pay taxes over series of monthly payments that can last 3-5 years. With a PPIA or Partial Payment Installment Agreement, only part of the taxes are paid back. What is an IRS Installment Agreement? 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009 Slide 3: An IRS Installment agreement should be considered when you are unable to pay IRS taxes in full, nor receive a better interest rate or loan from a financial institution or bank. Current Interest Rate for Underpayment: 4% Late Payment Penalty per month ¼% or 3% Annually Total Interest Rate: 7% Without an Installment Agreement: 10% When Should an IRS Installment Agreement Be Considered? 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009 Slide 4: Guaranteed Installment Agreement If you owe 10,000 or less (excluding penalties & Interest) Streamlined Installment Agreement If you owe 25,000 or less (including penalties & Interest) Financially Verified Installment Agreement If you owe the IRS 25,000 or more (including penalties & Interest) Partial Payment Installment Agreement If you owe the cannot make minimum monthly payments and prove hardship What Are The Different Types of IRS Installment Agreements? 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009 Slide 5: Requirements: Unfiled Tax Returns Need To Be Filed You Can Make Monthly Payments for 3 Years No other Installment Agreements Present Cannot Have Filed for Bankruptcy or had an OIC accepted To Apply: Use Form 9465 and fill in monthly payment amount (with calculation) Include Setup Fee With 1st Payment and mail form with tax return Or Use IRS Online Payment Agreement Application Guaranteed Installment Agreement 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009 Slide 6: Requirements: Unfiled Tax Returns Need To Be Filed You Can Make Monthly Payments for Length of Agreement (5 yr) No other Installment Agreements Present Cannot Have Filed for Bankruptcy or had an OIC accepted To Apply: Use Form 9465 and fill in monthly payment amount (with calculation) Include Setup Fee With 1st Payment and mail form with tax return Or Use IRS Online Payment Agreement Application Streamlined Installment Agreement 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009 Slide 7: Requirements: Unfiled Returns Need To Be Filed, Not In Bankruptcy or OIC Filed You Can Make Monthly Payments for Length of Agreement (5 yr) No other Installment Agreements Present and you owe over 25k To Apply: Use Form 9465 and fill in monthly payment amount (with calculation) Include Setup Fee With 1st Payment and mail form with tax return Fill out form 433-A (even F is possible these days) Send form 433, Form 9465, and your tax return to IRS Financially Verified Installment Agreement (With CIS – Form 433) 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009 Slide 8: Requirements: Unfiled Returns Need To Be Filed, Not In Bankruptcy or OIC Filed You Can Make Monthly Payments and owe over 10k (including P&I) No other Installment Agreements Present To Apply: Use Form 9465 and fill in monthly payment that is affordable (calc) Understand remaining statue of limitations periods left on debt Include Setup Fee With 1st Payment and mail form with tax return Complete form 433-A (even F is accepted with high $ amounts) Send form 433, Form 9465, and your tax return to IRS Partial Payment Installment Agreement 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009 Slide 9: Recommendations: (More info link: IRS Installment Agreement) Use a tax professional (form 433-A and F are not easy) Tackle your tax problem sooner than later (interest and penalties) Consider a bank loan if you can obtain interest at a lower amount Reach out to tax pros for a free consultation and quote for professional services at 1-800-717-2797 Recommendations 1-800-717-2797 Does not serve as legal advice. BackTaxesHelp.com © 2009

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