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-IRS Installment Agreements -
Resources
IRS
Levy, IRS Liens, IRS Garnishments; State of California Installment
Agreements, Levy, Liens and Garnishments - Solutions
The
IRS Installment Agreement – an option,
but
is it Right for You?
Read it Here
1. What
to do if you can't pay your tax - IRS Tax Topic 202 Prior Version What
to do if you can't pay your tax
>IRS
Installment Agreements / fees /application
2. IRS
Form 9465: (2012December Version) Installment Agreement
Request form
Historical Version IRS
Form 9465 Nov 2000 version - historical IRS Installment Agreement Request Form (PDF)
(use most recent version above)
3. IRS
Collection Handbook 105.1
4. IRS
Installment Agreement Handbook & Monitoring
Installment Agreements
5. IRS
Form 2848 (March 2012 Version)
IRS
Form 2848 - Historical copy of Power of Attorney. Dec. 1997 Version - historical copy). Use
most recent version above).
6.
Legislation
Allows Partial Payment Option
The IRS implemented an additional payment option, on January 17,
2005, known as the Partial Payment Installment Agreement for
taxpayers who have outstanding federal tax liabilities. This new
payment option became possible with the passage of the American
Jobs Creation Act of 2004.
Adobe Acrobat is
needed to view the above forms. A free version of Acrobat
Reader is available by
clicking here.
CAUTION: There are many providers of services on the
internet who will submit your Installment Agreement forms, or
Offer in Compromise forms. to the IRS. However, such providers
merely have you complete the forms. These bargain basement
"tax experts" may be only mailing the forms you
prepare to the Internal Revenue Service. Thus, they have done
nothing for you. In fact, they may end up costing you more
because critical review and analysis has not been done. When
completing the financial statement forms for either an
installment agreement, or for making an Offer, you are painting
a financial picture that will determine the economics of making
either an Offer in Compromise, entering into a realistic
installment agreement, or possibly having your account
classified as being a case of undue hardship. Unless your
representative has the necessary skills and experience, you may
have paid a small fee, only to be subjected to settling for more
under the Offer than you otherwise should have, or paying too
large of monthly installments at the risk of not being able to
pay current tax obligations (ultimately causing a default in
your installment agreement). The IRS may many times force
a taxpayer into higher installment payments than are
economically feasible, with the taxpayer agreeing to terms they
can't meet merely to get the IRS off of their backs "for
now". Your professional must have experience in:
calculating your income and expenses; determining the amount of
the offer you should make or the proper installment payments
under an installment agreement; valuing your assets and
liabilities; reviewing joint ownership considerations;
working with the tax law and IRS internal procedures; arguing
the facts and the law, and negotiating with the IRS.
The IRS has a history of intimidation, and let's face it,
they will take advantage of any taxpayer who represents himself,
and even a taxpayer's advocate who is weak. Remember, IRS Offer
Specialists and Revenue Officers come at you from the
perspective of getting as much money as they can. If you are
looking for an installment agreement, it must be realistic, so
that you make certain that all current tax obligations will be
met (otherwise, you will have defaulted your installment
agreement and be facing potential seizure action in the future).
The facts of each case should be reviewed by competent tax
counsel.
In the end analysis, you should measure the benefits you
derive from the final result. For a taxpayer to engage someone
who merely mails in your IRS forms for a small fee, what at
first blush looked like "such a deal", may in reality
end up costing you many thousands of dollars more because you
didn't choose a tax professional who would negotiate the best
terms for you, or which ignored economic realities and set you
up for failure.
Call
for your TaxSOS free consultation today.
The above limited information is
intended for informational purposes only. If legal advice
or other expert assistance is required, the services of a
competent professional should be sought, and this general
information should not be relied upon without such professional
assistance.
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