Understanding the various IRS payment plans available can help you choose the right one for your specific needs.
SHORT-TERM
IRS PAYMENT
PLANS
Short-term IRS payment plans are designed for taxpayers who need a little extra time to pay their tax debt. These plans allow for full payment within 120 days or less, and no setup fees are required. If this solution is what you need, call us now for assistance.
Long-term IRS payment plans, also known as installment agreements, allow taxpayers to pay their tax debt in monthly installments over an extended period. These plans may require a setup fee, but provide a more manageable solution for those with significant tax debt.
For taxpayers who cannot afford to pay their full tax debt, the IRS may offer a Partial Payment Installment Agreement (PPIA). This plan allows for smaller monthly payments based on the taxpayer's financial situation, and the remaining debt may be forgiven after a set period.
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Entering into an IRS payment plan itself does not affect your credit score directly. However, the IRS may file a Notice of Federal Tax Lien for significant debts, which can impact your credit score.
The IRS charges interest on unpaid balances, which is determined quarterly. The interest rate for underpayments was typically set at the federal short-term rate plus 3%, but this can vary, so it's best to check the current rate on the IRS website.
Generally, the IRS prefers you to have one payment plan at a time. However, under certain circumstances and with IRS approval, you might manage multiple plans. It's best to consult directly with the IRS or a tax relief professional at David J Griggs CPA for your specific situation.
An IRS payment plan itself might not directly affect your ability to get a mortgage, but lenders look at your debt-to-income ratio and credit history. A federal tax lien resulting from unpaid taxes could impact your mortgage application. Talk to us today to resolve any outstanding tax issues you're facing.
To set up a payment plan with the IRS:
Visit the IRS website and use the Online Payment Agreement tool if you are an individual who owes $50,000 or less in combined tax, penalties, and interest.
You can also apply by filling out Form 9465, Installment Agreement Request, and mailing it to the IRS.
For more complex situations or higher debts, consider contacting the IRS directly or seeking help from our tax team.
We Can Help
Whether you're an individual or a business and are having problems with the IRS or a State taxing agency, let David J Griggs, CPA help you solve your problems once and for all!
