Question: I owe the IRS about $9,000 which is added money than I can allow to pay. Can I accomplish a accord with the IRS to pay them off over time?
Answer: If you can’t pay the abounding bulk you owe, you can ask the IRS to admittance you to accomplish annual chapter payments. The appeal is fabricated on Form 9465, Chapter Acceding Request. If the IRS approves your request, you will be answerable a $225 processing fee ($107 if you accomplish your payments by cyberbanking funds withdrawal). However, you may authorize to pay a bargain fee of $43 if your assets is beneath a assertive level. The IRS will let you apperceive whether you authorize for the bargain fee. The IRS will about let you apperceive aural 30 canicule afterwards they accept Form 9465 whether it is accustomed or denied. The IRS may additionally appeal assorted banking advice from you (monthly assets and expenses, assets and liabilities, etc.).
Before requesting an chapter agreement, you should accede added beneath cher alternatives, such as a coffer loan. You will be answerable absorption and may be answerable added backward acquittal penalties on any tax not paid, alike if your appeal to pay in installments is granted.
Upon approval of your request, the IRS will accelerate you a letter answer how to pay the processing fee, and how to accomplish your aboriginal chapter payment. Afterwards the IRS receives anniversary payment, they will accelerate you a letter assuming the actual bulk you owe, and the due date and bulk of your aing payment. Obviously, you are advantaged to prepay your absolute obligation at any time. Also, Form 9465 provides for alternative allotment of annual payments by absolute debit of your appointed coffer account.
By acknowledging your request, the IRS agrees to let you pay the tax you owe in annual installments instead of anon advantageous the bulk in full. In return, you accede to accomplish your annual payments on time, and accede to accommodated all your approaching tax liabilities. This agency that you charge accept able denial or estimated tax payments so that your tax accountability for approaching years is paid in abounding back you appropriate book your return. If you do not accomplish your payments on time or accept an outstanding past-due bulk in a approaching year, you will be in absence on your acceding and the IRS may booty administration accomplishments to aggregate the absolute bulk you owe.
Barry Dolowich is a certified accessible accountant in Monterey. He can be accomplished at 831-372-7200, P.O. Box 710, Monterey 93942-0710 or [email protected]
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