How To Make An Installment Agreement To Apply For IRS Tax Relief
Welcome to our Webinar How To Make An Installment Agreement To Apply For IRS Tax Relief
This is what you will learn in this webinar:
How to apply for an installment agreement
- First, you need to know exactly how much you owe in total. That figure is formed by your due tax, in addition to any penalties and interest charges. You can find out the total amount by calling IRS number 1800-829-3903 and requesting copies of your tax returns. Make sure you are current and compliant.
- Your next step would be to file Form 9465.
- You can also use the online payment agreement application, which can be found on the IRS website (link here please). Another option would be to request an IA over the phone by calling 800-829-1040 or the number shown on your tax bill.
- Indicate the type of Installment Agreement you want to apply for and prepare all the necessary documentation for all included periods and tax types.
- Set up a payment plan by choosing how, when and how much you want to pay every month. Keep in mind that if you decide to set up a direct debit you will be charged an one-off fee of $31 and if you opt for a payment plan without a direct debit it will cost you $149. You must also remember to make the payment on the same date as indicated in your application every month. You are required to pay the minimum amount as agreed on your plan, but you can top it up at any point. There are various methods of payments, such as money order, automated withdrawals from your account, credit card, check and federal online payment system EFTPS.gov.
- You are an individual who owes $50,000 or less in total and are current on all your returns.
- You are a business that owes $25,000 or less in payroll taxes and are current on all returns.
There are a few things you need to know that may come in handy when dealing with the IRS and trying to get an Installment Agreement for settling your debt:
- File all your tax returns – your application will be rejected if you have not filed your back taxes before you apply for an Installment Agreement.
- If you are paying by check or money order you need to allow 7-10 days for the IRS to receive your payment, so make sure you send it well in advance before the due date. Failure to do so may result in penalty charges or even cancellation of the agreed payment plan.
- If you owe more than $50,000 as an individual you won’t be able to use the online payment options, so in addition to the paper Form 9465-FS, you need to file also Form 433–F, Collection Information Statement. If your application is approved you will have to pay additional admin fee between $43 and $105 depending on your income.
- Try to maximize cost and minimize income and handle all tax accounts at the same time. In some cases getting 3 bank loan denials (intended to pay your debt) prior to your IA application can make its acceptance more likely.
- Contact an experienced CPA, Attorney or Enrolled Agent (as they are the only ones authorized before the IRS) who will be able to help you with crafting the best payment plan according to your personal circumstances and will stand a firmer ground on your behalf in the negotiations with the IRS. Also, you would certainly need the assistance of a professional if you don’t meet the IRS criteria for automatic acceptance of an installment agreement.
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