What You Should Know About IRS Payment Plans
If you don’t qualify for the IRS’ Offer In Compromise program, a Payment Plan may be the way to resolve your problem. This is an agreed settlement between the taxpayer and the IRS, based on the National Standards to determine the amount the taxpayer will be paying the IRS each month, but leaving the taxpayer the ability to afford food, housing, clothing, medical & transportation expenses.
This is a complicated formula that has to be calculated. The National Standards do not have to be used for the first year. The actual expenses of the taxpayer can be used and then the IRS allows the taxpayer one year to come into compliance with the National Standards.
This is not something that the IRS will inform you of or assist you with. This is another reason why it is essential that you obtain professional assistance with this matter.
IRS Payment Plan Based on Income
Most taxpayers do not realize that the IRS must consider your current income situation when they ask you for a payment plan. The automated collections group, ACS COLLECTIONS, at the IRS will NOT inform you of your rights. They will let you enter into a payment plan that they know you could never pay.
AAA Tax & Accounting will do everything possible to get you an IRS payment plan with the best possible payment terms. The key to your success is our extensive knowledge of IRS procedures. Properly prepared IRS documents are essential to this process. AAA Tax & Accounting knows how to prepare IRS documents and how to submit them along with the proper supporting documents to resolve your situation quickly and correctly.
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- Federal Tax Lien Release
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