Well, you know you have several options to deal with the IRS demanding payment of taxes. What the IRS does is they have a format for setting up installment agreements. To start, you need to fill out a 433A financial statement or a 433F. Once you have completed the form, you send it to the Internal Revenue Service (IRS). The IRS then applies the national standards test to determine the amount of money you can pay. This stops the collection period for the IRS from issuing other liens, levies, or garnishments. Additionally, having an installment agreement allows you to make affordable payments to the IRS. However, there are cautions and tricks to be aware of when dealing with installment agreements. The IRS has a set national standard for which certain expenses can be allowed. If these expenses are documented cleverly and you know the tricks, you can reduce your payment amount. It is important to note that attempting to handle this process on your own is not advisable. It is recommended to engage a professional company with years of experience in handling such matters to ensure you obtain an affordable payment plan. If you choose not to seek professional assistance, you may end up paying more money than you initially expected. If you are facing this problem, we encourage you to contact us at Fresh Start Tax, as we have the expertise to provide the necessary help.
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Video instructions and help with filling out and completing When Irs Form 13844 Agreements
