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5 benefits to repaying the IRS with a streamlined installment agreement

By Howard S. Levy, Esq., Collection Financial Standards, Form 433A, Installment agreements, Interest and penalties, IRS Financial Statements

Some things can be simple to negotiate with the IRS.  If you are looking for a great way to repay an income tax liability to the IRS, consider a streamlined installment agreement. Streamlined installment agreements are available to anyone who owes under $25,000 and can afford to repay their balance in five years.  If you qualify, the IRS will automatically approve the installment agreement, and there should be no questions asked. Here are your advantages in using a streamlined installment agreement: 1.     Eliminates disclosure of your finances to the IRS.  The IRS does not require a ... Read More

Should Veterans’ disability benefits be included in an IRS installment agreement or compromise?

By Howard S. Levy, Esq., Economic hardship and the IRS, Installment agreements, IRS levies and property seizures, Offer in compromise, Property Exempt from Collection

I received a great question from a reader about whether Veteran's disability benefits should be included in the value of an IRS installment agreement or offer in compromise. Although the question is directed to Veterans' disability benefits, my answer also applies to those with unemployment and workers' compensation benefits.  Here is the question: I owe the IRS over $50,000 and my only source of income is my 100% service-connected disability compensation.  I was set-up on an installment agreement of $428/month.  I listed my service-connected disability as income on my 433A financial ... Read More

IRS allowances: Expenses you may not need to verify in settling your tax debt

By Howard S. Levy, Esq., Collection Financial Standards, Currently Not Collectible, Economic hardship and the IRS, Form 433A, Installment agreements, IRS Financial Statements, Offer in compromise

When negotiating a resolution to a tax problem, expect the IRS to ask for verification of your living expenses.  After verification, the IRS will likely match the amount you spend to their tables of allowances. The IRS wants to know how much you can repay them - and the government relies on their standard expense allowances to help them calculate it. But there are three expenses that the IRS should allow you under their guidelines with no verification required. And because verification is rarely necesary for these expenses, the IRS will allow the expenses according to their guidelines ... Read More

Defaulted on your IRS installment agreement? Where do you turn now?

By Howard S. Levy, Esq., Automated Collection Service, Installment agreements, IRS collection notices, IRS Collection Problems, IRS levies and property seizures

You promised the IRS a monthly payment that your budget could no longer bear.  Or you tried so hard to repay your back taxes that you fall behind on this year's return.  Your intentions are good, but this has caused your IRS installment agreement to default.  Where do you turn next? First, it is important to know that the IRS must send you a notice of default before it can end your installment agreement and start collecting again.  This notice is titled "Notice of Intent to Levy!!! You Defaulted on Your Installment Agreement."  If you are unsure if you have received this notice, take a look ... Read More

IRS installment agreement vs. Chapter 13 bankruptcy: Which repayment plan saves you the most?

By Howard S. Levy, Esq., Bankruptcy - Chapter 13, Bankruptcy and the IRS, Installment agreements, Interest and penalties

Trying to repay the IRS in an installment agreement can be difficult.  The interest and penalties the IRS charges doubles the original amount of tax you owe every five years. Your installment agreement may keep the IRS at bay, but your tax liability does not get paid off. The tax code and the IRS offers no real way of stopping interest and penalty accruals.  That is frustrating, but there are solutions. The solution for many is in the bankruptcy code.  An IRS repayment plan made through a Chapter 13 bankruptcy can stop IRS interest and eliminate penalties. Chapter 13 can even reduce ... Read More

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Howard S. Levy

A former IRS trial attorney, Howard Levy has over 20 years of experience representing individuals and companies facing tax controversies.

IRS Practice Areas

  • Automated Collection Service
    (48)
  • Bankruptcy and the IRS
    (39)
  • Criminal investigation
    (10)
  • Currently Not Collectible
    (24)
  • Economic hardship and the IRS
    (17)
  • Employment taxes
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  • Innocent spouse
    (9)
  • Installment agreements
    (34)
  • Interest and penalties
    (13)
  • IRS Audits
    (29)
  • IRS collection notices
    (30)
  • IRS Financial Statements
    (37)
  • IRS levies and property seizures
    (67)
  • Offer in compromise
    (61)
  • Revenue Officers
    (44)
  • Statute of limitations on collections
    (30)
  • Tax Court
    (17)
  • Tax liens
    (8)
  • Trust fund recovery penalty
    (21)
  • Unfiled returns
    (26)

Learn the Basics

When do I know it’s right to file an offer in compromise? 5 top reasons.

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What to expect when an IRS Revenue Officer comes calling to your home or business.

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Is there such a thing as a hardship status with the IRS?

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Defaulted on your IRS installment agreement? Where do you turn now?

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Will bankruptcy help in getting the IRS to release a levy or seizure?

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