Tax payment plan or installment agreement, both refers to kind of an agreement between the taxpayer

Tax Payment Plant: Your ultimate option IRS tax payment plan or installment agreement is an option to take control over your increasing tax debt. It’s a useful one in case if you are in a weak financial condition. The balance of such deals, however, remains in favor of the IRS. The already troubled taxpayer not only pays his due tax principal. On the other hand, he also has to pay certain penalties and surcharges through the period. This is something ridiculous, however; we have to bear with that.

How Much Time do I have?

When it comes to the period, the IRS has the mandate and power by federal law to make the recovery within ten years. Therefore, you can consider a suitable amount of time according to your total outstanding payables. Apart from this, do not forget all those penalties that are going to hit you quite badly. Hence, the experts suggest, keeping your tax payment plan as short as possible.

Failing to afford installments In case if you are in an agreement or sort of a tax payment plan with the IRS then you should take care of your payments. However, sometimes paying an installment or paying recurring installments becomes a difficult thing to do for an individual in financial crises. In such a scenario, we suggest you to contact the IRS on an immediate basis. Their designated representatives are available through various channels, and you have to tell them about your inability to continue in with the existing tax plan. After reviewing your financial condition and the recent developments, the IRS will initiate the proceedings of rescheduling., However, if you are lying to them, then this is not going to help. The IRS never falls short of information, so don't try to do this. Any such thing can end up with the termination of your contract.

What are the options IRS has?

As we have described a tax payment plan is quite a reasonable option for both the taxpayers and the collector. However in case if nothing goes fine, and an individual fails to pay the tax he owes to the IRS then, the collecting body have several options available. Each of these options tends to be a bad dream for you. Let us tell you about some of the possible consequences persistent defaulters can face, They can lose their properties

Their other belongings come at a risk as well The IRS can seize their accounts Possibility of wage garnishment How and Where Can I apply?

As far as you are eligible to take this facility according to the criteria set by the IRS then you can apply. An online mechanism available simply involves filling of a form. However, there are a few limits for each the individual and business taxpayers. An individual taxpayer can apply online for availing this facility on if its total tax liability is not more than $50K. While on the other hand, a business taxpayer can apply for availing this facility only if its total tax debt notes greater than $25K. Here it is important to mention here that, the term “Total� includes all the penalties and interest that you are going to pay over the time.

What assistance a Professional can provide?

When it come to complicated matters like applying for a tax payment plan, seeking a professional is always helpful. The quality that they bring in, In terms of the experience and knowledge of the law will pay for itself. The involvement of a professional also increases the chances of getting through to whole of the process seamlessly Whom Should I hire?

Always look for an experienced professional It is better to go with an IRS recognized and their PTIN holder If you are looking to hire one for your tax payment plan, then he must have a proven record of accomplishment in this field

Please Contact GLG Accounting at any time for your professional accounting solution.

GLG Accounting is located at Address: 400 Central Ave, Suite 340B, Northfield, IL 60093, USA

Phone: 312-754-9377 Email: contact@glgaccounting.com

Sourch : https://www.glgaccounting.com/tax-payment-plan/