Owe the IRS Up to $250K of assessed taxes? The now permanent Non-Streamlined Installment Agreement May Be For You!
Earlier this year, the IRS made permanent a pilot payment plan initiated during COVID that may make it easier for taxpayers owing the IRS up to $250K.
During COVID, the IRS instituted a Pilot program where when the taxpayer owed up to $250K of assessed taxes and if they could pay the IRS over the remaining collection statute (the time the IRS has to collect a tax debt), they could get into a payment plan over that period of time with no Collection Information statement required. There were some major advantages to this program. First, the IRS would not push back for higher monthly payments with taxpayers who had actual monthly expenses over those allowed by the IRS. In addition, the IRS would not be looking at the taxpayers assets or requesting that taxpayers liquidate those assets.
There are some limitations to consider. First, it must be personal IRS tax debt, not business debt. Second, the taxpayer’s case must be with the IRS campus or ACS (this is when you are calling the 1-800 number on a notice) vs. being assigned a Revenue Officer to handle your case. Finally, the IRS will file a Federal Tax Lien (except in extenuating circumstances).
What does this mean to you? If you currently, owe the IRS between $50k and $250k of assessed tax debt and have not yet been assigned a Revenue Officer, now is the time to work with the IRS or find a tax problem resolution specialist to help you do so, before you are assigned to a Revenue Officer. Once you are assigned to a Revenue Officer, this option is no longer available and you will be in a situation where your tax problem will be much more difficult to resolve.
Watch our video to learn more – IRS Payment Plan up to $250K
If you find you need professional help, feel free to contact us by calling (954) 715-7285 or you can request an appointment directly on my personal calendar at https://jablonskyandassociates.com/contact/