- Where in relation to the Statute of Limitations is your tax liability?
- Can your tax debt be reduced by amending your tax returns?
- Can the Penalties and Interest that the IRS has added to your back tax debt be eliminated due to "reasonable cause?"
- Are you qualified and eligible for an IRS settlement through the Offer in Compromise program?
- Is your financial condition such that you should be declared Currently not Collectible?
- How much money do you have left after your allowable expenses are factored in?
- for an IRS settlement of your back tax debt through the Offer In Compromise program, an elimination of the penalties and interest through a Penalty Abatement, you may be declared Currently not Collectible, bankruptcy and so on.
As mentioned previously, should you owe the iRS more than $25,000 you will be required to complete a an IRS Form 433-F as well as provide 3 months of pay stubs, 3 months of bank statements and other financial material.
Types of IRS Installment Agreements
Fees and Process for Common IRS Installment Agreements
When setting up an "everyday" (common) IRS installment agreement like a Guaranteed or Streamlined installment agreement you will also have to pay a one time fee that is paid with the first monthly payment. The fees are the following:
- $52 for a new installment agreement that is direct debt (deducted directly from your bank account). This, in most cases, will prevent a Federal tax lien from being filed or after a few payments lead to the withdrawal of one. The drawback is this: The IRS has your banking information and can potentially levy your bank account if you default on the Installment Agreement.
- You fall behind on other taxes that are due to the IRS,
- You do not give updated financial records when requested by the IRS, or
- The IRS finds out that you gave false information when setting up your Installment Agreement (IA).
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