How to Get IRS Tax Resolution with a Payment Plan
If you need IRS tax resolution because you owe more taxes than you can pay, one solution is a payment plan. An IRS payment plan lets you pay your tax bill monthly, over time. It's a resolution to the debt, because while you're making payments, the IRS can't attach your paycheck or your bank account or force you to pay sooner than the agreement. However, you will owe interest and penalties, which will be included in your monthly payments.
If you owe less than $25,000 in back taxes, you or your tax attorney can use the IRS's online form to apply. If you owe more than $25,000, the procedure is more complicated, and you'll probably want to have a tax attorney involved to protect your interests.
Either way, you can begin the steps and decide whether an IRS payment plan would be worth negotiating, and consult with a tax attorney if necessary.
Instructions
- 1
File all tax returns that are due. Even if you can't pay what's due, the first step in getting tax resolution is to file returns, even for previous years.
2Total the amount of your unpaid IRS taxes. If the amount is more than $25,000, it's best to consult a tax attorney. If it's less than $25,000, you or your tax professional may want to use the Online Payment Agreement Application at the IRS website (see the link in the "Resources" section below). Either way, you'll need the following information to present to your tax attorney or the IRS.
3Estimate how quickly you could pay the taxes due. If you can pay within 120 days, you may be eligible for a short-term payment plan. Otherwise, you'll need to request a monthly payment plan, and there will be an initial fee of $43 to $105, depending on your income and the specific plan.
4Compile a list of all the assets you own, including bank and brokerage accounts, retirement accounts, your house, and other property or significant assets. List all your debts and the assets they're connected with if any, such as a mortgage or equity line of credit on your house, a car loan, etc. If you're requesting a monthly payment plan, the IRS will use this information to see that you don't have enough assets to pay off the debt immediately.
5List your monthly expenses such as rent or mortgage, utilities, etc., as well as your monthly income. The IRS will use this to set the amount of your monthly payments.
6Consult with a tax attorney if you wish, and apply for an IRS payment plan using the online form linked below. Or you can mail in Form 9465 (plus Form 433F if you owe more than $25,000), to begin the process. The IRS will notify you whether your payment plan is accepted and what the terms will be.
7If you'll be unable to make the payments that the IRS offers, you can consult a tax attorney and/or pursue other options to get tax resolution, such as an Offer in Compromise or negotiating "currently not collectible" status.
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