How Irs Form 13844 Debit 2024

Hi, this is Anthony, parent of Parent and Parent LLP, the IRS medic. In this video, I want to talk about what to do when your installment agreements with the IRS are unaffordable or when the IRS defaults an installment agreement you had. You know, most people really don't want to deal with the IRS, and something we've found is that a lot of people are willing to take whatever offer the IRS has just to get them out of their life, even if it's not for a long time. The problem with this is that many people get into repayment agreements that they simply can't afford. They are far too optimistic about their financial condition. So, one of two things happen: either they stop paying their installment agreement in full and that will default or cancel the installment agreement, or they do something else - they stop making their current taxes for this year, either through their withholding or through their estimated payments. Then what happens is that once that new tax bill comes, that new tax bill will actually default or cancel the installment agreement. The IRS doesn't roll new debts into an old agreement, so this is what happens: the IRS comes back again looking for the same money, and now the taxpayer is trying desperately to get the IRS to agree to something. Meanwhile, the penalties and interest pile up, and the problem just gets worse and worse, even though the taxpayer is trying their best to deal with the issue. Now, when someone's installment agreement is defaulted, they really only have three options. One of them is to do nothing and hope the IRS goes away, but that's really not going to happen. The second one is to try to renegotiate on your own, but if your own...