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IRS Installment Agreement Don't Do This!

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What to do and what not to do with an IRS Installment Agreement. How to set up an IRS monthly payment plan and avoid wage garnishment and bank levy without creating bigger trouble with the IRS Collection division than when you first got into tax debt!
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• Back Tax Help
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If you have questions on what to do if you can’t pay your taxes, email me at jim@ByeByeBackTaxes.com and I’ll help find your answer
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Note: The info I present is educational, not professional advice. Contact a trusted tax professional to assess your specific situation and advise on the best resolution to your tax matter.
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20 авг 2024

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Комментарии : 188

@brittneyberry4934 4 месяца назад

Thank God i found you. Ive been fasting and praying over the amount i owe. I work hard everyday no dependents unfortunately and theyve been knocking my head off for years.

@bye-byebacktaxes4987 4 месяца назад

Thank you Brittany. If you need to connect with me go to buff.ly/2Uh8JSi and let’s have a conversation

@brittneyberry4934 4 месяца назад

@@bye-byebacktaxes4987 thank you

@kevinjohnson3521 Год назад

Thank you for giving glory to God!!

@lizchoi8977 Год назад

Love it. I'm a Christian too and so thankful how God directs me with so many areas in my life.

@Alyssazoe2015 6 месяцев назад

Yeah sucks to owe the IRS $1000 a month in installment agreement. 75k owe cause of my poor choices it feels like never ending loop. 😢

@bluesky6985 Месяц назад

Wages are not income. You don't owe the IRS anything. Taxes are voluntary stop volunteering

@youtoo2233 День назад

@@bluesky6985yeah I see what you're saying but the IRS can ruin your life if you don't pay them, they garnish wages or might even take your house among other things

@bluesky6985 День назад

@@youtoo2233 Stop contracting with them

@russellgorham1345 Год назад

The problem is the IRS isn't answering the phone they should have helped for the people if they want their money like that

@RyanG-ij8xq 4 месяца назад

For real…. F this system

@BlackButterfly78 3 месяца назад

I have so many letters stacked up that I have written them. Felt I needed to keep record of me trying to contact them. I have no idea what's going on.

@jamescorsey6041 19 дней назад

Exactly this system is so messed up

@smeg8557 8 месяцев назад

Here’s the problem with 433 I called the IRS and they told me that if I don’t agree to their payment amount and if I come up with a lower amount, they will still file a lien because of that

@bye-byebacktaxes4987 7 месяцев назад

A lien came into existence the day you filed. They may or may not file public notice of the lien. The real danger, however, is getting levied (seizure of bank or paycheck)

@smeg8557 7 месяцев назад

@@bye-byebacktaxes4987 thank you so far we agreed on 500 a month for the first year and then it’ll jump up to 700 I owe about 52,000

@diamonddetails9445 9 дней назад

@@bye-byebacktaxes4987 Dear Sir, any advice regarding owing over $6000, to the federal tax authorities? This is owed regarding my elderly Mom's home property. I was not aware of this until just TODAY!😢 Please help me if you can 🙏

@diamonddetails9445 9 дней назад

@@bye-byebacktaxes4987 ...it will be shuttered this Wednesday, August 14, 2024

@user-jh6zj7kw9d Год назад

Why do we pay taxes once we are not Earning money? I am on Social Security and get a pension from former employer. And I originally was on disability when I retired early when I retired due to health issues, but when I turned 65 my status of disability changed to regular status.

@bye-byebacktaxes4987 Год назад

Pension money is not free from income tax. Social Security is exempt from income tax for the first 25,000 but bottom line, Income taxes are not limited to “earned income”.

@reynaelizalde9981 4 месяца назад

Yes

@waden404 Год назад

Great video! Will be emailing you.

@lisabloom303 Год назад

Thank you for your outstanding video. I am very overwhelmed with the $20,000 in IRS Back Tax I owe in 2019. I’m currently not working due to a ruptured brain aneurysm and stroke I suffered a few months ago. I’ve been advised that I won’t be in a position to return back to work within the next (6) six months due to my recovery. As a result, my savings are been exhausted on my living and medical expenses. Though my doctors have advised me to focus on my recovery, I can’t help but to be stressed and overwhelmed my by IRS back tax. Could you please recommend an IRS Collection Specialist in Chicago? Thank you so much in advance for everything.

@gamerseyecandy Год назад

Clear value tax look him up on youtube he is definitely based out of downtown Chicago

@BillyBob-jb3yy Год назад

It’s sad they do not care about your situation u should be exempt from these taxes they don’t care about people

@user-uh6dl2qe2n Год назад

If you have no assets/income in your name, I would let them pound sand until the CSED! Life is too short.

@melanie123456ful Год назад

you also have the option to, what is known as on their site, as an Offer To Compromise where youll be able to come up to a lower settlement with them. & theres another option of temporarily pausing your debt due to financial hardship. i forgot how they refer to it on the IRS website but those are two options you have. i wish you all the luck in the world with your debt!

@scottwwsi Год назад

I'm in a similar situation and I'm working on an offer in compromise but really wamt to get into 'current non-collectible status' CNC.

@paulavasquez5004 Месяц назад

Hello Sr. thank you for this advice. My case is different I owe 3 digits to IRS unfortunately I already made installment agreement . Can you still give me your best advice. God bless 😇

@nikkimeyer9383 10 месяцев назад

Excellent!!

@VARAAHI333 Год назад

Thank you sir

@richardthompson2846 6 месяцев назад

yes

@williamchaerle1357 2 месяца назад

How do you cancel the payment agreement once you've paid the IRS off. Account shows $0 balance and they keep taking money out of bank acct. I've called 3 times today and got routed to the balance due dept only to get call drop after 45mins. spent 6hrs on phone today and got no where.

@robynbrockhoeft5210 10 месяцев назад

What if I already paid $400 and took out an installment plan? I haven’t yet learned how to do quarterly taxes. God has me only working as a 1099 contractor nurse since 2016.

@bye-byebacktaxes4987 10 месяцев назад

First, if you can afford the monthly installment payment, then keep the plan, because it protects you against IRS enforcement action, such as a Levi on your bank account or your paycheck Second, how much did you owe in taxes when you filed 2022 return? Divide that by 4 and send money quarterly to the IRS so they don’t terminate your installment agreement

@robynbrockhoeft5210 6 месяцев назад

Problem is I was working as a travel RN making good money when I agreed to the installment plan. Now my assignment ended Oct 1, and I’ve had several weeks of unemployment. I may be unemployed 3 weeks work 1. I’m only accepting jobs who take out taxes from now on, but unable to obtain a full time position. (I’m 62 but still trying). Now, I supposed to be paying $1000 month for 2022 taxes, and haven’t had the money to do so due to lack of work.. I went to United way tax volunteers, (who also help me file), and they said since it was only $8000 (that’s a lot to me)! Don’t sign up w fresh start. Now 2023 taxes are coming in. The man at United way told Me to drive over to the IRS office and get an extension on my tax agreement. The IRS man told me no. (It was almost quitting time). What do you recommend?

@robynbrockhoeft5210 6 месяцев назад

Yes, I know about the quarterly payment, but haven’t worked enough but only to meet my bills.

@ITGETLIKEDAT 13 дней назад

I only owe 4000, but I only have 10 days to pay it. Can u do it now, and will it take effect ASAP

@DanielGomez-fu9nm Год назад

I owe good amount for taxes because I expected due to financial hardship I didn’t no how to get money to not get evicted how does owing the irs due to exempting on my 9-5 job I’m employed not self employed

@jonathangoodrich2582 Год назад

Not sure if you read these comments but I'm just a local electrician didn't realize the company I worked for had filed me under them until your later now I owe over $7,000 never ode the government anyting so freaked out and stressed out

@bye-byebacktaxes4987 Год назад

Has the IRS assessed you for this amount? In other words, have they sent you a collection notice or letter? If so, you would qualify for a payment agreement over three years - just go to the irs.gov website and type “guaranteed online, installment agreement” in the search bar, and then follow the steps. Hope this helps!

@bluesky6985 Месяц назад

Wages are not income. The IRS owes you money

@normawilson365 6 месяцев назад

Im a senior citizen that owes back taxes-$6500, i can pay half once I get my tax return. The tax preparer forgot to add in monies from social security, although he does my taxes every year. How long of a time period should I ask for? Thanks so much

@bye-byebacktaxes4987 6 месяцев назад

IRS has standard Length of time to repay via installment agreement. If under 10,000 is owed, the standard payment plan is three years.

@ChiquitaBlanca214 6 месяцев назад

@@bye-byebacktaxes4987can we still receive our refund if we owe from a prior year?

@skythrone5372 11 месяцев назад

Amen!!

@leetos.4915 4 месяца назад

Awesome tips. I have recently got noticed from my mail about owing $36K in taxes. Decided to seek professional help with a tax resolution or forgiveness guys here in California. Are these guys legit? Cuz they claimed they can do settlement down to $500.

@holyddogg7 5 месяцев назад

PTL if you file an extension is it considered on time Thinking about doing First Time Abatement except did file an extension in 2020 and back taxes owe is for 2021 God Bless

@RippedRobby 3 месяца назад

Hey I'd love some help! Got a situation I need help with

@bye-byebacktaxes4987 3 месяца назад

Hi Robby, what your situation? how much does the IRS claim that you owe?

@tenley480010 Год назад

I am currently on a payment installment agreement I also owe taxes for this year and cannot pay this amount in full either. What will happen to my current agreement? The total amount is less than 10,000

@DMrKunst2 10 месяцев назад

I'm in the same position

@KomaTimeKev 6 месяцев назад

Same here

@kellentate4394 2 года назад

Hello Jim I’ve been trying my hardest to find proof or documentation that I owe taxes after filling. I received a letter from the IRS but they are only telling me that I owe but where’s the proof. The IRS is a private owned entity (non government). So I’m currently being audited & In my research I’ve found that there is NO LEGAL DOCUMENTATION at all that states that you have to file taxes at the end of the year, because if taken to court the judge will say (there is no law requiring you to file). If AMERICA is BANKRUPT & we really don’t have to file, then why should we owe taxes. Please help if you can. Also thanks for the alternative options

@bye-byebacktaxes4987 2 года назад

Kellen, Americans greatly distrust their government institutions. some argue that filing and paying in taxes is “voluntary”. It’s a Frivolous argument. Before you ever go to court, if you were to go to court on appeal, the IRS would leave your bank account or your paycheck for the tax that is owed. If you owe 10,000 or less you can set up a payment agreement automatically online. If you owe more than that and are looking for assistance to resolve your tax debt, contact me and I’m here to help

@natashanonnattive4818 9 месяцев назад

You don't owe anything, it's a scam. See IRS HOAX

@dennishipsley8703 7 месяцев назад

Your answer is found at 26 CFR 1.0-1 paragraph (d). The IRC of 1954. TAXABLE YEARS ENDED on August 16 1954 by LAW passed by the 83rd Congress. 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!!! There has been NO lawful/legal ENFORCEABLE INCOME TAX IN 69 YEARS!!!! You have to assert this fact to the IRS and they will back off. The IRS references Title 26 as law but it Prima Facia....Color of Law and can be rebutted/ refuted by prior unrepealed acts of Congress which IS 26 CFR 1.0 -1 paragraph (d)!

@dennishipsley8703 7 месяцев назад

Kellen the tax IS voluntary! Under 31 U.S. Code 321 (d)(1) and (d)(2) It says..." For purposes of the Federal income, estate and gift taxes property accepted under paragraph (1) SHALL BE considered as a GIFT or Bequest or for the use of the United States." Since any money stolen/extorted by the IRS IS A GIFT, then the "tax" has to be.... VOLUNTARY which the IRS SAYS it is and therefore cannot be MANDATORY OR COMPULSORY!!!!

@natashanonnattive4818 7 месяцев назад

@@bye-byebacktaxes4987 The US courts said its frivolous

@marybethcelestine9901 2 года назад

It’s not easy to call and wait for hours to actually get an agent to talk to

@bye-byebacktaxes4987 2 года назад

This is one reason it can make sense to hire professional representation. We have a hotline and the expertise to potenatially save you $1,000s. How much does the IRs claim that you owe?

@ashleightatarcyk2126 9 месяцев назад

Agreed, was on the phone for 2.5 hours and no answer. Can't find any application to apply online for a long term payment plan.

@brittneyberry4934 4 месяца назад

I gt my forms from my public library. It's frustrating but definitely worth the hold time.

@BlackButterfly78 3 месяца назад

It took my husband days to get someone on the phone. The hold time is ridiculous.

@eddie195777 2 месяца назад

I am amending my 2022 tax return, and I will have a tax liability. I will be mailing the return out next week. Does the IRS have to process the amended return before I apply for the payment plan? Thank you.

@sulamitamegale5438 Год назад

What should I do if I’m already on agreement plans . I have 33000 in agreement from 2017-2021

@amylambert2365 7 месяцев назад

Talk to a professional! That's a high amount - worth your time to consult.

@dreed4204 10 месяцев назад

Good video I emailed you

@ComputerUser-ty3ml 4 месяца назад

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?

@natashanonnattive4818 9 месяцев назад

Stop filing

@ThisisaConspiracy 6 месяцев назад

I didn’t file my taxes when I made 100k I also filed for exceptions because I just had a baby and my job was commission based so I didn’t know what I was going to make. So I haven’t filed but debating if I should since I’ll owe like 45k

@bye-byebacktaxes4987 6 месяцев назад

If you don’t file its highly likely the IRS will file a Substitute for return in 2-3 years. And that plus penalties and interest will be very painful. Better to file and be proactive to protect your asset’s long term

@ThisisaConspiracy 6 месяцев назад

@@bye-byebacktaxes4987 well I’m considering filing for bankruptcy. I filed except when I solo working , new born baby and bills. I do plan to file , I don’t have any assists. Would that work? For 40k and I make 40 with two kids what kind of monthly payment could I expect? Could I get forgiveness

@bye-byebacktaxes4987 6 месяцев назад

@@ThisisaConspiracy I don’t have enough facts to give you solid answers. You would need an assessment of your case in order to determine what’s the best way to resolve things. Do keep in mind bankruptcy is not a magic eraser when it comes to tax debt

@youtoo2233 День назад

Very interesting, I've been on an installment plan for years and they never have really said much about me paying current taxes on a quarterly basis or anything, when I file every year I always owe a few thousand dollars for that year and they just tack it on to my installment plan, I pay several hundred dollars per month towards back taxes, each year I end up being able to pay off just one of the previous years taxes. I'm just a couple of years behind but I hate it. I talked to a tax attorney who charges $1,500 to do the order of compromise for me but it's not guaranteed the IRS will approve it so I don't know if I want to risk that 1,500, times are tough as it is. I'm thinking about getting more federal tax withheld out of my checks so I'll owe less for each current year when it's time to file taxes. As of today I owe 12K back taxes total for years 2022 and 2023. Any advice would sure be appreciated, thank you sir.

@bye-byebacktaxes4987 9 часов назад

1500 is a bargain to submit an OIC. In fact it’s a signal the attorney may not have experience and expertise to get it done. Up your withholdings, increase monthly payments or get an OIC. Sounds like you’re treading water just paying the IRS interest under your current way of doing things

@youtoo2233 7 часов назад

@@bye-byebacktaxes4987 so true about treading water. The interest and penalties eat me alive

@chrisbaker7583 Год назад

So if it’s not a cpa or tax attorney you need to go to bat for you with the IRS, then what is the title of the professional you need to seek?

@bye-byebacktaxes4987 Год назад

It’s not the credential (CPA, enrolled, agent, or attorney). It’s more a matter of. How experienced are they in dealing with IRS collection issues???

@db8926 Год назад

I have SFRs for 2010 and 2011, CSED is 2025 and 2027. I have an inheritance coming and want to end the IRS collection earlier than CSED. I had basically no profit for those 2 years after my self employed write offs. Should I file those returns now?

@josephperalta3096 5 месяцев назад

Good morning Jim. My wife and I owe 50,000 to the IRS. That tax year was 2012. At this present day im now a widower. My wife passed away in 2018 and she was the bread winner. About a month ago I was told to call a local IRS revenue officer in my area. Thought that was weird. So I called and got the Agent from Hell. It's only been about a month and a half and now she sent ne a final notice to Levy. Called the IRS number and they said the only person I can talk to is this Lady from hell. So i know I have 30 days to appeal. But my house 🏠 is already on the market for sale. Can I just tell this IRS Agent that my house is on the market? Or do I still have to appeal while I'm selling my home? Tjanks

@honeysmakingit2564 2 года назад

Thank you Jim for the good advice…do you represent people in Texas? I owe over 100k and can’t pay.

@bye-byebacktaxes4987 2 года назад

Yes, I'm authorized by the IRS to represent taxpayers in all 50 states, and have clients in Texas. Please contact me for a free review of your case to determine your best options to settle with the IRS on your debt. bit.ly/ContactAnchorman

@MeekMillisbendingoverrn 2 года назад

My god don’t mean to but in but 100k in tax money would put me into a midlife crisis myself lmaoo

@bye-byebacktaxes4987 2 года назад

Agreements cover all kinds of balances. I have one I'm currently working on for $572,000. I have another for $24,000. Everybody's situation is different - and nothing surprises me anymore. :)

@adrianlara796 6 месяцев назад

I owe 20k can you help

@bluesky6985 Месяц назад

Wages are not income learn the tax laws. You don't owe the IRS anything

@smokezilla3975 8 месяцев назад

and congruss did this not irs but thay can make tax rules as well

@bye-byebacktaxes4987 8 месяцев назад

Congress makes the law. IRS implements it. I guess that’s what you’re saying?

@rodriguez9497 2 года назад

Can I make payments to the irs without a payment plan? I owe them 3,323.53 I want to pay 500 every 2 weeks I know every day there is interest or penalty would I be able to pay this off due to the interst adding up everyday ?

@bye-byebacktaxes4987 2 года назад

You can certainly make payments without an installment agreement in place. The question is whether the payments will be made in time to avoid the IRS levying your bank account or wages. I would begin immediately pay it off as fast as you can, keeping an eye open for any IRS notice setting a payment deadline and giving notice of intent to Levy. In the meantime, if you just received the initial assessment notice, you could call the IRS and ask for a short term payment extension, telling that you intend to have the balance paid in full within 120 days. It’s not a formal payment agreement but the IRS often will meet your request

@rodriguez9497 2 года назад

@@bye-byebacktaxes4987 could I just make payments on the online make a payment they do not have any of my bank information I filled my my taxes and they took 1,284 and added to what I owed them which left me at the 3000 I mentioned above

@bye-byebacktaxes4987 2 года назад

@@rodriguez9497 you can make online payments at directpay.irs.gov

@rubenguardado3812 2 года назад

How much does the irs charge in interest yearly on a 48 month plan of 300 a month

@bye-byebacktaxes4987 2 года назад

Hi Ruben. A 48 month plan is not standard. It's generally 36 months if under 10,000, and then 72 or 84 months depending on the total balance owed. For interest rates, here's what the IRS states: www.irs.gov/taxtopics/tc653

@JoannReyes-u6z День назад

Brown Margaret Thomas William Lewis Betty

@nahshon2281 Год назад

Hello. So I started a payment plan in June of this year for 180 days to pay off a balance of $8,600 from 2018 and 2021 tax returns. I've only payed off a few hundred and my deadline is December 16th, 2022! Should I make a new installment agreement for 5 years for $115.00 a month online or do you think I should try and call and see if they will work with me and lower the total balance so I can pay it off faster? What about a letter of compromise? Thank you

@bye-byebacktaxes4987 Год назад

Of course, this is not enough information to make a recommendation, nor can I give you tax advice on RU-vid. You may qualify for a guaranteed installment agreement, however which would allow you to pay off the remaining debt over three years. Good luck!

@docimma 3 месяца назад

I completed my payment plan in full but its deducted the old balance anyway. Solution?

@bananaram7611 Год назад

First time I heard of form 433. I a person is low income but is already set up on a payment plan, can they fill the 433 to have the monthly payment reduced?

@bye-byebacktaxes4987 Год назад

Form 433 would indeed be the required form to file with the IRS to potentially obtain a lower monthly payment amount.

@1038102 Год назад

If I owe the IRS $8000 and I get a long term installment plan can I pay in advance? Finish before the plan ends ?

@bye-byebacktaxes4987 Год назад

Yes

@blackharlemtwins1937 2 года назад

HELLO I missed a payment before I saw this video. Where you stated to call them. So what's next

@bye-byebacktaxes4987 2 года назад

Hi Black Harlem twins thanks for your message. I’m not sure I really understand the question however. Have you received any collection letters or notices from the IRS in this regard yet?

@whatsthatnow7466 Год назад

I have back taxes I need to file, penalties and interest will probably be more than the actual tax fee, Is it possible to get those reduced?

@bye-byebacktaxes4987 Год назад

Penalty Abatement is included in our services, yes!

@scottwwsi Год назад

great video! question: I called ACS about a bill I got for my 2018 return ($13K), they gave me 180 days. I haven't worked in a year-and-a-half....scheduled to have a knee replacement in 2 months. they told me I could file a 433-F which I am getting ready to send in. when they go over that form will they then ask me to send the 433-A & 656? or can I send those with the 433-F? I do want to apply for an OIC? thanks, scott

@bye-byebacktaxes4987 Год назад

ACS can help you with an installment agreement or Not Collectible Status. If you qualify for OIC you submit that elsewhere

@adambomb494 2 года назад

Okay I can’t find this answer anywhere online! I owe 2300 in federal tax. I will do a 120 day or less short term payment plan but my question is does this lock me out of doing another short term plan for 5 years if I need a payment plan again??? If so what would happen if I owe again the following year and can’t pay all up front.

@bye-byebacktaxes4987 2 года назад

Congrats, a $2300 liability is a number you can work with. You're managing things well it seems. And no, completing a short term installment agreement successfully should not prohibit you from establishing another plan with the IRS somewhere down the road. The real issue is, why would you not make quarterly payments and/or increase taxes withheld from your W2 income so that you don't find yourself behind again? That ball is in your court, so taking proactive steps to avoid being in this position again would be what I'd recommend you focus on.

@adambomb494 2 года назад

@@bye-byebacktaxes4987 I am able to pay it off now but if it doesn’t harm me to make payments and pay it off in 2-3 months that would free up more capital for me now

@adambomb494 2 года назад

@@bye-byebacktaxes4987 and. Ty so much for the response

@bye-byebacktaxes4987 2 года назад

@@adambomb494 Gotcha. No problem. Of course, you can expect the IRS will charge you interest for the use of what they consider "their" money in the meantime! :)

@therealcomment1811 2 месяца назад

You can't call the IRS bro... they never answer the phone...

@thespidertaste 2 месяца назад

What exactly the name of the person specialized in dealing with the IRS if not a CPA or Tax Attorney

@bye-byebacktaxes4987 2 месяца назад

There are three credentials that allow a professional to represent taxpayers before the IRS: CPA, attorney, enrolled agent

@WyattLite-n-inn 7 месяцев назад

Thanks or this ..

@devonablaylock3416 2 года назад

Need help please!!! I am in a payment plan with irs for 5000.00 paying 150.00 a month for 2020 taxes, now 2021 taxes are due and it says I owe 8000.00 to the Irs! what can I do?

@bye-byebacktaxes4987 2 года назад

Devona, when you file the 2021 return with a balance due, the original monthly pay plan for the 2020 tax bill will be terminated by the IRS. This will require a new installment agreement, plus increased withholdings or estimated payments made in 2022 to avoid repeating the entire process on April 15, 2023! Click this link if you'd like help dealing with the IRS in this matter: live.vcita.com/site/jim.flauaus/online-scheduling?service=8gfqy8kf6xwszkyn

@miner4life628 2 года назад

I just got approved for a 180 day to pay my taxes to the IRS. Do I have to make a payment right away before April 18, 2022? Also, do i have to pay monthly payments or just whenever I can as long as it will be all payed by the deadline

@amberbobk8390 2 года назад

Now on social security fixed income. After 11 years I haven't heard if I still owe. How do I find out if I still owe without having them come after me? Can I check on their site?

@bye-byebacktaxes4987 2 года назад

@@amberbobk8390 You can check your account online. Go to www.irs.gov/payments/your-online-account

@bye-byebacktaxes4987 2 года назад

You've got 180 days. Pay along the way, or pay all at once... just pay it before the 180 days are up.

@miner4life628 2 года назад

@@bye-byebacktaxes4987 yup! thanks! that’s what i’m doing now

@SuperJmills21 Год назад

If I have already did an installment agreement can I apply for a offer in compromise?

@bye-byebacktaxes4987 Год назад

Yes you can. Have you gone through the OIC pre qualifier wizard at IRS.gov?

@Jez95 Год назад

What happened after the irs have taken what I owe in full of my refund, do I still need to continue installment payment even if my refund have paid my debts in full?

@bye-byebacktaxes4987 Год назад

Verify first that your balance is in fact paid in full per IRS records. If paid in full - then no need to continue payments on an installment agreement. But do double check / verify first.

@user-bd7vt3ke4g 6 месяцев назад

I owe the IRS over a $100000. I signed a payment agreement but I haven't made any payments. I'm talking to a lawyer now is this the right thing to do

@bye-byebacktaxes4987 6 месяцев назад

Depends on lawyer’s experience in dealing with IRS collections. Most attorneys won’t want the engagement

@BillyBob-jb3yy Год назад

So how can u pay without agreement I owe about 49,000 due to sickness

@fn4409 4 месяца назад

IRS LEGAL THEFT IN THIS COUNTRY! IRS HAD NOTHING TO DO WITH MY HARD EARNED MONEY

@zacharisatosha7108 2 года назад

Hello, if both my wife and I have separate businesses that are taxed as S-corps but file married jointly. And our Tax bill is together is 30k do we qualify for a long term payment plan? I see that they say for business the long term plan is capped at 25k? Am I correct in thinking this? We have no employees. Also, do you know if this is shown on anything if we do a payment plan? Say for getting a home loan or auto loan. From my understanding no. Because there is no lien or levy on us because we have the payment plan? Wondering if it would flag anything for them? Hoping to hear your expertise!

@bye-byebacktaxes4987 2 года назад

Zahari, the $25K cap on a business pay agreement refers mainly to payroll taxes, or to income taxes if a C Corp. IN your case, it doesn't apply because your businesses are 'pass through' entities and all the tax from the business income lands on your 1040. // A payment plan is generally not something reported on a credit file. Good luck! And let me know if you would like help creating a payment plan you can afford -- too many folks get stuck in plans they can't afford, and end up in worse shape with the IRS than when they started. :(

@bye-byebacktaxes4987 2 года назад

@@zacharisatosha7108 Generally speaking it normally goes on your credit report. However if the IRS files a lien, that would be public information with a creditor could find if they did a public records search at the Courthouse

@bye-byebacktaxes4987 2 года назад

Generally speaking it does not go on your credit report. However the IRS may file a notice of tax lien at the courthouse, and a bank or mortgage lender might do a search of public records and find it there

@IsThatTYRA 11 месяцев назад

if I owe less that $3,000 which form should I fill out ?

@bye-byebacktaxes4987 11 месяцев назад

Go online and irs.gov and type into the search bar “guaranteed online installment agreement”.

@KeithPoirier-cd9rh 4 месяца назад

I have been paying on a installment agreement for over 10 years. How do get the irs to tell me the CSED?

@TanikaMannEA 3 месяца назад

Call them and ask, they’ll give it to you.

@KeithPoirier-cd9rh 3 месяца назад

@@TanikaMannEA I’ve tried to call multiple times. Every time I get through I get put on hold. After 30-60 minutes I get cut off! Is there a better phone number to call?🙏🏻

@TanikaMannEA 3 месяца назад

@@KeithPoirier-cd9rh call early in the morning or call the collections line specifically. Collections opens at 8am est I believe. I’m an accountant and they have a line specifically for us. But I still call early when the lines open up.

@KeithPoirier-cd9rh 3 месяца назад

@@TanikaMannEA you have a number for collections?

@schicondraandrews5581 2 года назад

Hello Jim can a person receive a passport with a IRS installment agreement

@bye-byebacktaxes4987 2 года назад

If you owe $50,000 or more, the IRS has the authority to revoke your passport. An installment agreement may or may not change that. If you need help, please contact me: anchortaxrelief.com

@fretmajik777 5 месяцев назад

Let's say I owe 3,500.00 from gambling jackpots is it better to get a loan from my bank and make payments on the loan?

@BillSwartz-lm8ut 10 месяцев назад

12/12

@mememaker9146 3 года назад

Hi good straight to the point info. If I owe 100k and I want to do an installment plan. Will IRS ask or force you to do a equity home loan. I dont think I qualify due to the income to debt ratio. Can I just say I dont qualify for that and do an 84 month installment plan?

@bye-byebacktaxes4987 3 года назад

The IRS won't make you do a home equity loan. They'll put you right into an Installment Agreement - it's up to you to keep up with the monthly payments from that point forward. Just don't jump into the plan unless it's an AFFORDABLE monthly payment for you. Your income and expenses may qualify you for a Partial Pay Installment Agreement. And at $100,000 you'll need to submit full financial info. It may pay to get professional help at this level. If I can help, or you have questions, please contact me by clicking this link. bit.ly/ContactAnchorman

@bye-byebacktaxes4987 2 года назад

IRS won't force you to take a loan. They will potentially levy a bank account or garnish your wages, however,and let you figure out how to get the money and/or how to resolve your tax matter from that point forward

@bye-byebacktaxes4987 2 года назад

@@forza-kr4bx I’m sorry- don’t understand your question- please re type it

@bye-byebacktaxes4987 2 года назад

@@forza-kr4bx I think you’re referring to a non-streamline installment agreement. This is where you would need to disclose financial information in order to obtain a payment plan or other favorable resolution. Knowing how to frame the information is the key, and only comes with the experience of having filed many financial statements With the IRS. If you are looking for help please call me at 757-346-1040

@bye-byebacktaxes4987 2 года назад

And yes the IRS may file a notice of federal tax lien to protect their interest . Again let me know if you were looking for help with this

@katiecuellar2024 Год назад

I would like to hire you to help me , how do I do that?

@bye-byebacktaxes4987 Год назад

Can you please email me directly at jim@anchortaxrelief.com

@Fanta93 2 года назад

So I filed my taxes back in March and the due date is suposubly the 15th. I can pay most of it but I would need a payment plan to cover the rest. I'm trying to do this online and am unfamiliar with the process.

@bye-byebacktaxes4987 2 года назад

How much do you owe? Under $10K? Go to IRS.gov and search for online pay agreement. If over $10K, contact me directly and let's see what makes most sense for your situation

@KellyBell1 Год назад

My husband is on an Installment plan for nearly 5 long, excruciating years. They left him $1300 a month to live on. I am on disability. In these past 5 years alot of things have changed for us like cancer, treatments and radiation, artery disease, blockages, blot clot, big toe amputation, broken ankle ORIF surgery, and even more medical problems for me. Prices of everything have gone up and we just way too short on money to live on 😳. They didn’t make any room for emergencies, things that come up that require CASH NOW ….my husband’s car is near 20 years old….there’s no room to get him a newer car so he CAN go to work and back…..what in the world can we do? I am literally becoming ill over this IRS payment of $1500 a month.😳😭

@bye-byebacktaxes4987 Год назад

Kelly I am so sorry for your situation. If you’d like to jump on a phone or zoom call next week (free consultation) to see if we can put you in a better place at the end of every month, let’s do it. Here’s a scheduling link.. live.vcita.com/site/jim.flauaus

@themidwestwholesaler Год назад

4:23

@ashleightatarcyk2126 9 месяцев назад

Where can I find the application to apply for long term plan? I find information about it but no actually application.

@bye-byebacktaxes4987 9 месяцев назад

IRS Form 9465 is the application for installment agreement. If they request a financial information statement from you. (based on how much you might owe) it would be IRS form 433. Good luck!

@benjiebarker Год назад

Should I use a tax debt relief company?

@bye-byebacktaxes4987 Год назад

How much does the IRS claim that you owe? Have you received recent IRS notices? Have they levied your bank account or garnished your paycheck yet? Do you have any unfiled returns? These are questions that can help determine whether hiring a third-party tax professional represent you before the IRS would make sense.

@bye-byebacktaxes4987 Год назад

I’m not expecting you to answer these questions in a public forum. However, if you wish to talk privately you can connect with me at jim@anchortaxrelief.com.

@marybethcelestine9901 2 года назад

Where do I get form 433

@bye-byebacktaxes4987 2 года назад

You have a friend in Google. :) The key is to know which 433 is appropriate for your tax situation.

@SarahNGeti 4 месяца назад

@@bye-byebacktaxes4987 Do they take a long time to approve or deny for a 433? What is ETA? Does it just sit in limbo for months?

@bye-byebacktaxes4987 4 месяца назад

@@SarahNGeti it’s depends on much you owe, and whether it’s been assigned to a local revenue officer. If not assigned to an RO, I recommend you call At 8 AM in the morning and walk through the numbers on the phone with a representative rather than male alone and hope someone sees it

@SarahNGeti 4 месяца назад

@@bye-byebacktaxes4987 Thank you so very much for the quick reply!

@alderbottomoutdoors9794 Год назад

I owe 12000 this year for 2021 and will probably owe the same next year for 2022. I'm going for a payment plan this year do you have recommendation for next years payment money is tight. Won't happen for 2023 though. Thx the lord bless you shalom.

@bye-byebacktaxes4987 Год назад

If you file your 2022 return and have another 12,000 balance due, the IRS will likely terminate your installment agreement. A better strategy: Get out ahead of this and see if you qualify financially for currently not collectible status.