IRS Payment Plans, What you need to know!

"IRS Payment Plans, What you need to know!"

Hey Taxpayers, Tiffany Gonzalez CPA is back with another tax debt and IRS focused video. In this video we will be talking about what to do if you owe the IRS a large tax bill.

Owing the IRS is very stressful, especially if you do not know your options. We will be covering those options and the steps to take to make sure the IRS doesn't come knocking at your door.

If you owe the IRS or know you will be owing the IRS this coming year, this video has what you need to know!

Tune in and get your financial I.Q. up!

Accounting to Scale is dedicated to the betterment of the community through financial education. Please leave any topics you wish to learn about or feel should be talked about in the comments below.

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Disclaimers & Disclosure:

This content is for education and entertainment purposes only. Tiffany Gonzalez CPA and Accounting to Scale are not providing Tax or Investment advice. The information is being presented without consideration of the financial circumstances of the taxpayer/investor, financial objectives or risk tolerance and may not be suitable for all taxpayers/investors. We don't make any guarantees or promises as to results that may be obtained using our content. All investing involves risk, including risk of losing investment principal.

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[tamaritorgvaidze]

Hi, I have payment plan set already a year, I was wondered if I pay off assessed ( whatever I own ) in total do I still pay penalty and interest ? Or it will be cancelled automatically ?
Thank you .

[TheFirstAmendment]

Newly married, and just found out that I was not having taxes taken out for this last fiscal year. I owe the $1900 but I do not want to use my savings to pay off one sum. I would rather make $200 a month payments to be a bank account auto draft.

How do I go about setting up a payment plan rather than random payments to the IRS ?

[ComputerUser-tyml]

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?

[ashleysalazar]

What time do they take a payment? It's due today and they haven't withdrawn the money yet, I can't reach them on the phone.

[adambomb]

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.

[discopotato]

Do you happen to know if your payments go to interest first? or some to interest and some to principal??

[RA-teku]

I owe $4000 and the payment plan says that I will end up paying over $8000

[TA]

The IRS has too much power in my opinion. They should not be able to take over your bank account and drain it leaving you no money to survive. All they care about is getting what you owe them regardless if their actions result in you going into financial ruin. This country was literally created in response to a tax system imposed by the British that was simply too unfair. I'm not saying people should be allowed to just get away without paying their taxes. What I am saying is there should be limits to how far the IRS can go with forced collection.

[jmccain]

So I had to amend my taxes and now I owe $1800. Will they do a payment plan for that? I am stressed out because there’s no way I have that money at one time

[Oliveoilgirl]

yeah the payments plans option keep give me error in the end or the process ! If you wonder I'm eligible !

[juliemorris]

I have been struggling making a payment it ask what I want to make a payment on and I can’t figure it out what it is called? Is it a 1040 installment plan??

[nickhernandez]

How long after I file will the amount show on the irs website?

[zacharisatosha]

Hello, if both my wife and I have separate businesses that are taxed as S-corps but file 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? 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. Wondering if it would flag anything for them? Hoping to hear your expertise!

[delgriffith]

Great Video! I have a payment plan from last year 2020, but need add to it for additional taxes due from this years return as well.How can I add to my current payment plan? And is there any limits to how much I can make payments on? I read something about $50, 000 limit, which I am over.. Thank you.

[ofeliaflores]

I did a payment plan waiting for it to start but my question is if when I am close to the amount I owe can I pay them off ?

[rudygomez]

Hi please help, i set up an installment agreement for money i owe for 2021, but 2022 tax return came up and now i owe more money. Does the installment agreement i already set up automatically include the new balance i owe from 2022 or do i have to set up a new plan for that??? I tried looking up online but irs doesn’t show any information

[Fabo]

I set up a payment plan with turbos tax. They said the IRS would take it from there, it isn’t a lot, it’s about $700, but I totally forgot, it’s April 20th, I filed in February, haven’t received a letter from the IRS, I’m going to call them tomorrow but what am I looking at here? And why haven’t I received a letter?

[peaceonearth]

penalty is 5% of tax due? or it is 0.5%??

[motoren]

Feds accepted my payment plan but still haven't taken money out of my account. Do I need to do anything after they've accepted it? It says 'will be automatically' taken from my bank account.

[loganwaldron]

Will a long term payment plan hurt my credit if I pay on time every month. Honestly if I had to go this route I would treat like a car payment.