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IRS Audit Payment Plan

IRS Audit Payment Plan

IRS Notice

Should you be approached by an IRS Agent, or Specialist, in person or by mail, contact a professional to represent your case. In these cases, the tax professional at IRS Audit Group assesses the tax situation you, or a business is in, and reviews your options. Your IRS Payment Plan options provide those who cannot pay their dues immediately in full some grace time to pay in increments. To understand your options, and the details of what exactly an IRS Payment Plan (Installment Agreement) is, continue reading. If you would like to speak with an IRS Audit Group for more details and options, contact us!

What Is an IRS Payment Plan?

The IRS provides alternatives to taxpayers for those that are financially unable to immediately pay their tax debt in full.  However, the eligibility for these options can be very overwhelming. IRS Audit Group can help you find the best fit in an effort to reduce tax debt, eliminate tax disputes, and negotiate and represent your case to the IRS. Each situation deserves a unique outlook, therefore, our tax professionals cater to your individual needs. Provide IRS Audit Group the notice sent to your residence, appropriate tax information, and supplemental documents asked by the IRS to review your tax situation, and determine what works best. IRS Audit Group aims to minimize your overall costs to avoid penalties and interests.

What are my IRS Payment Plan options?

You now know what an IRS Payment Plan is, now you want to know which one suits you best. Well, when it comes to choosing an IRS Payment Plan, it really depends on your unique situation. Interestingly enough, not everybody struggles with the same tax problems, nor have the same income. Therefore, it is hard to say without professionally reviewing your tax circumstances. Generally speaking, the type of arrangement a taxpayer should choose really depends on:

  1. the amount of taxes that you owe,
  2. how quickly you are able to pay
  3. And extracurricular living expenses.

For a better understanding, IRS Audit Group provides a deeper analysis on installment agreements, also known as payment plans, through the IRS services.

1. Individual Installment Agreement: Balance of $50,000 and Less

To individuals who owe $50,000 or less in income tax, interest, and penalties combined, the individual may apply to pay regular monthly payments in a timely manner. (Reminder: when missing a deadline, the taxpayer is subject to receive additional penalties and interest).

Taxpayers’ method of payment choice can be made through Direct Debit (straight from your bank account), money order or check, credit card via phone or online, Electronic Federal Tax Payment System (EFTPS), or an Online Payment Agreement (OPA). When making the choice of payment method, make sure you will be able to pay the monthly payments without defaulting — this is when IRS Audit Group may help the given situation.

To apply for an installment agreement, IRS Audit Group provides aid for clients to fill-out and mail an IRS Form 9465 (Installment Agreement Request), or the online version. It is also imperative that if you received an IRS notice or tax bill, make sure to save the document and see a tax professional to help you address the appropriate payment plan that suits best for your needs.

2. Individual Installment Agreement: Balance of Over $50,000

IRS Audit Group suggests and will help individuals who owe over $50,000 to apply Form 9465, and Form 433-F (Collection Information Statement). Form 433-F is to obtain a detailed analysis of current financial standings, to better understand how a taxpayer can pay overdue balances. Form 433-F requests the following information:

  1. IRS Letter of Notice
  2. your accounts and lines of credit,
  3. real estate and any other assets you own.
  4. employment information,
  5. monthly income,
  6. monthly living expenses.

Studies show that the higher the debt, the higher taxpayers stress. But, don’t worry. These things can be resolved through efficient payments. IRS Audit Group has helped clients nationwide to conquer their tax issues in a repetitiously, and cordially. Remember: don’t panic, but act accordingly.

3. Small Business Installment Agreement

Aside from individuals, small business may also install a payment plan for their tax return needs. To see if your workplace qualifies as a small business, contact us and our tax professionals will help you configure your title. If you already know your tax title, please continue reading below.

For businesses that owe $25,000 or less in back taxes, then an In-Business Trust Fund Express payment plan may be applicable. Typically, this version of a payment plan does not need a financial statement, whilst the business must obtain functioning employees. Furthermore,  this payment plan method gives a 2-year period to fully pay the due balance.

If the total amount owed is more than 10,000 USD, and below 25,000 USD, thusly IRS Audit Group will assist the business understand their option of a Direct Debit Installment Agreement (DDIA). For more information, contact IRS Audit Group to get started.

Installment Agreement Fees

Fees may apply to install a payment plan with the IRS based on the method, and income level. IRS Audit Group, based on your financial information and tax return, can help you request to restructure your payment plan if your current one does not work for you.

What happens if you do not pay your taxes?

Missing deadlines at work are not ideal. When it comes to IRS tax deadlines, the financial tax problems only increase. So what happens when you do not pay your taxes?

While we hope this isn’t the case for you, be aware that not filing and paying taxes can result in penalty fees, interest and more extreme measures taken by the IRS. Legally, the IRS is subject to penalizing taxpayers when failing to file tax returns at a timely manner before the deadline. If unable to pay taxes consecutively, the penalty and interest balance increases. It is within the taxpayers best interests to pay in full as soon as possible. Speak with an IRS Audit Group associate learn more on the possibilities of a payment plan.


IRS Audit Group

Tax attorney in Beverly Hills, California

468 N Camden Dr #200,
Beverly Hills, CA 90210, USA

Call: +1 888-300-6670


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