Installment agreements Archives - Page 2 of 7 - Howard Levy is a Cincinnati tax attorney with the experience to find solutions to your IRS problems.

How to get the IRS to reinstate your installment agreement

By Howard S. Levy, Esq., Installment agreements, IRS levies and property seizures

You negotiated a monthly payment plan with the IRS, and all was going well - you were making you payments on time, and staying current with your taxes. But you ran into some short-term trouble and filed a tax return with a new liability that you did not pay. The result? The IRS billed you for the new tax debt, and sent you a Notice of Intent to Terminate Installment Agreement, identified in the upper-right hand corner as IRS letter CP523. A condition of the agreement was no new tax debts, and the new liability caused the IRS to consider your agreement in default, and now they want ... Read More

Will the IRS request to change the amount of my installment agreement?

By Howard S. Levy, Esq., Automated Collection Service, Installment agreements, IRS Financial Statements, Statute of limitations on collections

You are finally on good terms with the IRS - you agreed to a monthly payment plan, and have been filing and paying your taxes on time, as you are required to do. With that, the IRS should leave you alone, right? Not necessarily. The IRS has the right to review an installment agreement, and to negotiate a new one to determine if your monthly payment could be changed. And when we say changed, we mean increased.Preview This will usually occur when your installment agreement payments are not enough to repay the IRS back in full. Let's say, for example, that you owe the IRS ... Read More

Qualifying for the IRS direct debit installment agreement: Calculating assessed balances

By Howard S. Levy, Esq., Installment agreements, IRS Financial Statements, IRS levies and property seizures

It is possible to get an IRS installment agreement to repay your taxes without ever disclosing where you work, what car you drive, what your house is worth, or even what you can actually pay. No IRS Form 433A, Form 433B or 433F. No application of the IRS Collection Financial Standards that can put a cap on your living expenses. The IRS calls these payment plans direct debit installment agreements. Sometimes, they are also referred to as streamlined installment agreements. No managerial approval is required with direct debit installment agreements, and the IRS probably will not even ... Read More

Offer in compromise: When do you make too money much to qualify?

By Howard S. Levy, Esq., Installment agreements, Offer in compromise

An IRS offer in compromise is available to virtually anyone who owes the IRS back taxes. But it is important to avoid confusing the program's widespread availability with success in getting your offer accepted. After all, the last thing you want to do is waste time and money with the IRS on an offer that has no chance. The offer in compromise program does work - but only in the right situation. To have success with an IRS compromise, you have to understand the IRS guidelines for analyzing your offer. Is there a point where you could earn too much money to get a compromise accepted, and ... Read More

IRS partial pay installment agreements: Bringing an end to your tax problem

By Howard S. Levy, Esq., Installment agreements, Offer in compromise, Statute of limitations on collections

What if you can afford a monthly installment agreement with the IRS, but your payments will not ever repay what you owe? The good news is that the IRS will give you a payment plan - and leave you alone - even though you cannot pay them back. The IRS calls this partial pay installment agreements (PPIA). Payment agreements that do not pay the IRS in full are permitted not only by IRS internal guidelines (Internal Revenue Manual 5.14.2), but by law (Internal Revenue Code Section 6519). Internal Revenue Code 6159(a) specifically states that the IRS can enter into an agreement that ... Read More