New Streamlined Installment Payment Plans for IRS
Harrison Tax Resolution  - Tax Settlements, Audit Defense, Tax Debt Relief, Tax Resolution
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

Why You Need a Tax Professional
Offer in Compromise Quick Summary Fresh Start
Offer In Compromise - Joint & Separate Tax Liabilites
Your IRS Transcripts - What IRS Has On You
IRS ITIN CHANGES!

Categories

Appeal Rights
Brankruptcy
Enrolled Agent
Enrolled Agent vs Tax Attorney
Fees for Tax Consultations by Telephone
Fees for Tax Return Preparation
Filing Late
Foreign Income and Accounts
Former IRS Revenue Agent Assistance
Free Tax Guides - Tax Publications
Free Tax Return Preparation
IRS Notices
Limited Liability Companies (LLC)
Limited Liability Companies (LLC's)
Offer In Compromise
Recordkeeping for Personal and Tax Purposes
Refunds
Tax Debt Relief
tax deductions
Tax Preparers
Tax Relief for Married or Divorced Couples
Tax Resolution
Tax Scams
Taxes on Social Security Part I
The IRS ITIN Program
The ITIN and Form W-7
Your IRS Transcripts
powered by

My Blog

New Streamlined Installment Payment Plans for IRS



What's New to Help You in Paying Those Sinister Tax Debts That Haunt You?     A Fresh Start Initiative  YES!




Streamlined Installment Agreements -

72 months to pay instead of the former 60 months


The Fresh Start provisions also mean that more taxpayers will have the ability to use streamlined installment agreements to catch up on back taxes.

Under the Fresh Start initiative, the maximum dollar criteria for streamlined installment agreements has been raised from $25,000 to $50,000 and the maximum term has been raised from 60 months to 72 months.
These installment agreements generally do not require a financial statement, but a limited amount of financial information may be required in the application process.
The Streamlined Installment Agreement criteria is divided into two categories, balance due of $25,000 or less, and balance due $25,001 to $50,000.

The criteria to qualify for streamlined installment agreements with a balance due of $25,000 or less are:
  • You owe $25,000 or less, at the time the agreement is established. If you owe more than $25,000, you may pay down the liability before entering into the agreement in order to qualify.
  • The debt must be full paid within 72-months or prior to the Collection Statute Expiration Date, whichever is earlier.
  • You must be compliant with all filing and payment requirements.
  • Individuals who owe any type of tax (Form 1040, Trust Fund Recovery Penalty, etc.).
  • Defunct businesses, including any type of entity and any type tax (Form 940, 941, 943, etc.).
  • Operating businesses are limited to income tax liabilities only (Form 1120).

The criteria to qualify for streamlined installment agreements with a balance due of $25,001 to $50,000 are:
  • You owe $25,001 to $50,000, at the time the agreement is established. If you owe more than $50,000, you may pay down the liability before entering into the agreement in order to qualify.
  • The debt must be full paid within 72-months or prior to the Collection Statute Expiration Date, whichever is earlier.
  • You must be compliant with all filing and payment requirements.
  • Individuals who owe any type of tax (Form 1040, Trust Fund Recovery Penalty, etc.).
  • Businesses are limited to defunct sole proprietors who owe any type of tax (Form 940, 941, 943, etc.).
  • You must enroll in a Direct Debit Installment Agreement or Payroll Deduction Installment Agreement.
  • A limited amount of financial information may be required during the application process.

Taxpayers seeking installment agreements exceeding $50,000 will still need to supply the IRS with a Collection Information Statement (Form 433-A (PDF) or Form 433-F (PDF)).
To request an installment agreement:

1 Comment to New Streamlined Installment Payment Plans for IRS:

Comments RSS
mobile ad networks on Thursday, November 13, 2014 1:24 AM
Your products and services which include 9 that will 5 Annihilation together with Tweetomatic Profiteer did good quality position recently. Yet, they have been using the services of certain tactics covertly, that have already constructed him or her lot of money on line during newly released former.
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment