IRS Installment Agreements EXPLAINED | How IRS Payment Plans Work
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- Опубликовано: 31 июл 2024
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Today I am talking about IRS installment agreements, also known as IRS payment plans.
➡️ IRS Tax Relief: Do you owe the IRS more than $10,000 in back taxes? Call 866-8000-TAX (866-8000-829) or email me at taxrelief@loganallec.com and let me know how much you owe to the IRS / state as well as your phone number.
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⬇️ Other Tax Relief Videos Mentioned in This Video:
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- Offer in Compromise Basics: • Offer in Compromise 20...
- Offer in Compromise Formula: • Offer in Compromise Gu...
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Table of Contents:
0:00 What Are IRS Installment Agreements?
2:39 Installment Agreements and Collection Activities
4:47 Installment Agreements and Notice of Federal Tax Lien
5:58 Installment Agreements and Tax Compliance
6:40 Installment Agreements and Current Tax Liabilities
7:06 Installment Agreements and Tax Refunds
7:26 Installment Agreements and Penalties and Interest
7:51 Installment Agreement Fees
8:35 Are Installment Agreements Guaranteed?
9:18 Installment Agreement Rejection Appeals
9:50 Installment Agreements and the Collection Statute of Limitations
11:08 Installment Agreement Payment Options
11:22 How to Request an IRS Installment Agreement
12:26 Requirements For a Legitimate IRS Installment Agreement Request
13:17 Standardized Ways to Request an Installment Agreement
13:54 How to Request an IRS Installment Agreement Online
16:19 Streamlined Installment Agreements
16:52 Guaranteed Installment Agreements
17:25 Using Form 9465 to Request an Installment Agreement
18:07 Form 433-F / Collection Information Statements
18:45 Partial-Payment Installment Agreements
#taxrelief #taxhelp #irs
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I am gathering as much knowledge as I can to interview for a front end job for Tax resolution place. After the IRS picks up enforcement hope people will be hiring. Thank you for this.
I needed this!! 🙏 thanks
Does anybody happen to know if payments toward an installment agreement go straight to interest? Or is it split between principal and interest?
Thanks Logan!
Great info... I don't owe much but they allowed me to set up an installment agreement. I make too much every year and every year I file my taxes I end up owing. They will definitely work with you.
Thanks for watching! Yes, if you owe $50,000 or less (assessed), you qualify for a “streamlined” installment agreement with the IRS!
how can i find how much interest on payment plan? any calculator or current rate?
I have a current installment agreement? What happens if I just keep increasing the monthly payment to accommodate the new taxes . 500 a month for 3 years worth of back taxes and still be within the 72 month period .
Hello Logan, great content and information. I have a question. I applied for an offer in compromise in 2018, in which I only had to pay 400 a month for over 50k in taxes. Since then I have a new job and I make more in ome however my expenses, credit debt etc increased. I got a letter in the mail stating that I need to call them and go over a new 433a form to reassess my payments. My question is that my balance is now 49k and I would just like to make installment payments that I van afford. Do you think the irs will allow me to do so? Are you licensed in Nevada?
If you've filed multiple years of back taxes and owe for each of them, do you have to apply for a repayment plan for each tax year, or the combined total of all taxes owed?
Can I make payments to IRS FROM Two different banks ?
Can a dissolved c-corporation with no current assets/income that owes $100K+ in back income taxes still qualify/set up an installment agreement with the IRS?
Hi Logan I am currently paying on a IRS installment agreement faithfully . I will be receiving my first Social Security payment soon. Can the IRS garish my SS payment ?
If I am using an efiling service, how does that work? Do I efile and pay what I can at time of filing and then go to IRS and request an installation plan? Or do I wait for them to send me a bill and assume there will be installation request info on there?
Still waiting on an answer to this myself. When you efile using software like freetaxusa, you don’t get to actually file them until you paid the balance. There’s no other option offered. 🤷🏼♀️ 🙄
Today is 4/15/23 and when I go into my IRS Acct it still doesn’t show that they have received my Electronic Filing of my 2022 1040.
If it doesn’t show up by 4/18/23 what should I do about trying to get an Installment Agreement?
Hello, did you resolve this?
I owe 2700, would it be cheaper to put it in a credit card at 25% interests....or go through the irs installment agreement?
IRS interest rate is currently 7%
I got married in 2022 and my wife is currently making installments on past IRS tax debt and the IRS says an individual cannot have concurrent installments. We will have a hefty 2022 tax bill that will likely require installments. If we file married / jointly will we be able to file for installments together if she has one individually?
No, that will not be possible if you file jointly.
Does the installment plan cover state taxes owed as well?
came here for this question trying to set this up atm ugh
Thank you for making this video! Question. I just started monthly installments to pay off my 2021 taxes. Will I have any fees if I don't pay it all off by this time next year?
Penalties and interest continue to accrue while you're on an installment agreement.
@Logan Allec hi Logan. It's that time of the year again and I'm still paying off installments every month from last year. Can I ask for an extension to file my taxes later this year?
Is there a income limit for they installment payments? Like if a person made 150k plus do they qualify?
No, there's no income limit. We've put people in IAs who make millions a year. That said, the more you make, the faster the IRS may want you to pay up. Sometimes they request a 433-F to disclose your financial info before approving your IA request.
If you're interested in learning more about how the IRS treats high-income taxpayers, check out my video on how actor Charlie Sheen got an offer in compromise approved: ruclips.net/video/GB8ZsySLZXI/видео.html
How do I get a copy of current installment agreement?
Call the number on your most recent letter or notice from the IRS. If you don’t have it, you’ll be stuck calling 1-800-829-1040, which can take a long time to get through to.
I'm on a payment plan. Does this cover what I owe for state tax and federal tax?
Hi Ashley. I answered your video here: ruclips.net/video/QeRfcwdbNgo/видео.html
I got a high proposed tax bill from the irs because i didn't file my robinhood 1099 on my 2021 tax return. What should i do? Should i accept the proposed bill or should i disagree and srnd them my 1099?
Is this for Robinhood Securities LLC (stocks) or Robinhood Crypto LLC (crypto) or both?
@@LoganAllec It's for crypto. I sold and bought crypto very frequently in 2021. I can't afford to pay the proposed tax. Any advise or steps of action?
@@maximo8566 The IRS is very likely overcalculating your tax liability here because they likely don't know your basis in your crypto because your crypto basis is *not* reported to the IRS on your 1099-B; likely only your gross proceeds are. At least that's how every Robinhood Crypto 1099-B I've seen has been.
So it's likely they're trying to tax you on your *gross* proceeds without reducing those proceeds for what you paid for the crypto.
However, your Robinhood Crypto LLC gain/loss statement they sent you at the end of the year (the gain/loss statement is different from the 1099-B) *should* show your basis in your crypto.
I obviously haven't seen your documents or the IRS notice they sent you, but in general, the best course of action in these situations to respond to the IRS and attach your Robinhood Crypto gain/loss statement showing your true gain or loss for your Robinhood crypto transactions in 2021.
If you were a client, I'd probably submit my own calculation of the additional tax due (which is probably a lot less than what the IRS is proposing) as well rather than trusting the IRS to figure it out correctly.
@Logan Allec Thank you so much for the reply! I am going to send them my robinhood 1099 to show the irs my actual net gains for 2021 and they can see my cost basis.
@@maximo8566 Glad I could help! Hopefully this all gets cleared up for you soon. If you have a minute to spare, I’d really appreciate it if you could leave my company a review on our new Google profile page at this link: g.page/r/CeURce_TaQjPEAg/review
It would really help my business. Thank you!
Its crazy logan I scheduled and spoke with you on compromise settlement. The IRS said they have not heard from you. 9 months later. How can I contact you directly. Maybe it was a scammer involved.
is this true? can you provide an update?
@@Bren.r300 Any update here?
You look good
DON'T DO AN INSTALLMENT! Its worse than a damn high interest credit card.
I work at a tax ferm we will take your case of $5K or more
Understand this FACT/LAW. TAXABLE YEARS ENDED AUGUST 16 1954!!! Google 26 CFR 1.0-1 paragraph (d) clearly says TAXABLE YEARS began December 31 1953 and ENDED.....AND ENDED.....AND ENDED AUGUST 16 1854 passed into LAW as LAW by the 83rd Congress AS volume 68A in the United States Statutes at Large and Federal Register. There HAS NOT BEEN AN ENFORCEABLE LEGAL INCOME TAX FOR 70 YEARS!!!!! Any Subtitle F compliant enforcement provisions took place the day AFTER the date of enactment August 17 1954 but on that day there was NO TAX TO ENFORCE AS the tax died expired the day before August 16 1954!! The IRS has been bull shitting America for 70 years!!! The IRS is an extortion organization for the IMF and World Bank and NOT PART OF THE UNITED STATES GOVERNMENT!!!
1954
Scammers!!!
Its already FORGIVEN....
You might want to look up
Nesara, catch-up!
What's up with all this BS you see on Google about stimulus checks
Do you feel bad about Biden’s progress on the economy?