Houston, Texas • Seattle, Washington Tax Law Attorneys
It is possible to work out an installment payment arrangement with the IRS if you are behind in your tax payments. How much you owe will determine what kinds of forms and documents you must submit when requesting an IRS payment plan. In general, regardless of how much you owe, the IRS offers a number of different payment plans that allow individuals to make monthly payments instead of paying off everything at once. However, even though IRS payment plans are available to most taxpayers, all repayment plans continue to assess interest on outstanding back owed taxes until the full amount is paid. As a result, you will still accrue interest on your balance until it is paid in full. Once you enter into an IRS payment plan, you are considered in good standing with them, removing any ground for leveling additional penalties against you. Even with the many benefits of a IRS payment plan, the key to a successful installment agreement requires detailed financial analysis and an understanding of your rights and responsibilities prior to contacting the IRS.
An attorney with Hammond Law Group, PLLC will interview you prior to installment negotiations with the IRS so that you can best obtain a payment structure which will be reasonable and manageable for you under the IRS guidelines for calculating your discretionary income. If you owe back taxes and have questions about an IRS payment plan and how to approach the IRS, contact Houston, Texas or Seattle, Washington tax law attorneys at the Hammond Law Group today.
Taxpayers who Owe less than $25,000 in Back Taxes
If you owe $25,000 or less, you can set up an online payment plan by requesting an Online Payment Agreement with the IRS. You will need a Request for Installment Agreement, Form 9465, which can be downloaded from the IRS' website. Even if you've already filed your income tax return but haven't received a bill from the IRS, you can still use the Online Payment Agreement to create an installment plan for the tax return you filed this year.
Taxpayers who owe more than $25,000 in Back Taxes
If you owe more than $25,000 in taxes, interests, and penalties you may still qualify an installment repayment plan. However, in addition to Form 9465, you will also need to file a Collection Information Statement, Form 433F. Once you file these forms, you will be notified by mail whether or not your installment plan has been approved or if it needs to be modified.
Contact IRS Payment Plan Attorneys at Hammond Law Group
When dealing with the IRS, retaining legal counsel is important. If, in reviewing your case, the IRS believes fraud may be involved, you could find yourself under investigation or facing criminal charges. Even if fraud isn't suspected, the IRS may reject your request for a repayment plan. Our attorneys can help you prepare and present all necessary documentation and respond to any questions the IRS might have after reviewing your case.
To schedule an appointment and learn how we can help you, contact Houston, Texas, IRS tax payment plan attorneys at the Hammond Law Group.
