Everyone my name is Bruce Roth and then my guest today is Dave Horwood L gave us an enrolled agent and he's also the founder of torchlight tax and financial services Dave can you tell us as we go to the IRS what what is an installment agreement and are there different types and what are the implications of that okay well with the IRS let's say that you come you file your taxes and you don't have the money to pay your taxes it's pretty automatic that they will give you an installment agreement if it's a small fuss sub and they'll give you up to five years to pay it back it's very very easy to get now however as your income goes up whereas this has occurred before it becomes harder and harder and harder to get the installment agreement and depending on the sums involved you may have to you know turn over a bunch of financial data and so on and so forth people don't necessarily that Asia to give all their financial data to the IRS so you have to be aware of you know what the implications are okay good but it's very much as like if you're if you're sitting there you're just you know you're having you come to the end of a tax year you're not going to have enough money to pay your taxes you know you're not going to jail and you're not going to get all your ass has levy or anything like that you'll probably be accepted for an installment agreement so that so there wouldn't be a penalty but there would be an interest assessed is that right there well standing balance you know there there there might be penalty dependent exactly what you did...
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Full pay 120 day agreement Form: What You Should Know
You must qualify for a short-term payment plan. 120-Day IRS Payment Plan — Texture Long-Term IRS Payment Plan — Texture As of now, the IRS is offering full payment, a short-term payment plan, and an extended payment plan. The IRS has a list of payment extension options available. It appears they accept payments in an installment agreement, but they don't yet accept an online payment extension. IRS Approves Payment Plans with 30-day or 180-Day Options — CFPB Dec 8, 2023 — Payment options include a 30-day or 180-day extension of a payment plan. Online Payment Plan Extension Application — CFPB Nov 12, 2023 — You can apply for a payment extension using the IRS's Online Payment Agreement System (the IRS has a separate portal for this). IRS Announces New Online Payment Agreement System — CFPB Aug 25, 2023 — The tax-filing industry moves to the IRS's new Online Payment Agreement System. IRS Issues Notice of Proposed Rule Changes — CFPB Sep 11, 2023 — The IRS intends to change the rules and procedures it uses to approve and process tax-filing extension applications. You'll need to use the new system. IRS Announces Online Payment Plan Extension Rule Changes — CFPB Sep 27, 2023 — Taxpayers with income exceeding 100,000 would be required to apply for an online Payment Agreement before paying at an IRS processing office. Payments Made Under the Long-Term Payment Plan Will be Tax Exempt — CFPB Mar 13, 2023 — Payments under the long-term payment plan, which gives you a lump sum if you pay off your balance over time, will be taxable as an ordinary income payment. Payments made on a short-term payment plan will not be taxed.
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