When Irs Form 13844 Debit 2024

My name is Debra Gregory. I am a former IRS attorney and co-founder of Gregory Law Group PLLC and Gregory tax resolution services P LLC. If you owe the IRS back taxes and do not have the ability to fully pay the liability, you need to consider a payment plan. There are several different payment plan options based on your specific situation. If you owe the IRS $50,000 or less and have the ability to make monthly payments for 72 months, you may qualify for a streamlined installment agreement. If you owe the IRS more than $50,000 or cannot financially make the necessary monthly payments to fully pay your tax obligation under a streamlined installment agreement, you will need to submit a financial statement to the IRS showing your ability to pay under these circumstances. The IRS will look at your income, expenses, equity, and assets to determine your ability to make payments based on your financial situation. You may be able to enter into a full pay installment agreement, where you will fully pay the account over the life of the statute of limitations. Alternatively, you could enter into a partial pay installment agreement, where you pay an amount less than what you owe the IRS over the life of the IRS's statute of limitations. Knowing your payment plan options is critical when dealing with the IRS. Our law firm negotiates payment plans for our clients with the IRS. Please call our office today at 888-346-5470 for a free consultation. Thank you.