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Category: Payment Plans

IRS Form 433-A: When to File and How to Fill It Out

20 April, 2025 | Payment Plans Uncategorized

IRS Form 433-A: Guide to Qualifying for IRS Relief If you’re requesting certain forms of tax relief from the IRS, they may want to verify your financial information. Depending on the type of relief you are asking for, they either want to see if you are able to make the monthly payments you’re requesting or if you have enough financial need for the assistance you are asking for. To determine this, the IRS will ask you to complete Form 433-A. Accuracy and... CONTINUE READING

How to Modify Your IRS Installment Agreement: A Simple Guide

23 December, 2024 | Payment Plans Tax Help

Summary This guide outlines how to make changes to your IRS payment plan, such as reducing your monthly payment, changing your payment date or method, or adding a new tax debt to your plan. If you can no longer afford to make payments, you may be able to apply for currently not collectible status or an offer in compromise. If you default on your payment plan, the IRS generally gives you 30 days to get back into good standing. The IRS charges fees for making changes to your installme... CONTINUE READING

Form 433-B Collection Information Statement for Businesses

11 October, 2024 | Payment Plans

Summary The Form 433-B (OIC) is used to apply for an offer in compromise on business taxes. It requires detailed information about the business, including financial information, assets, liabilities, and income and expenses. The OIC version of the form has some notable differences from the standard version, particularly in determining equity in business assets and reporting business income and expenses. When completing the form, businesses should be prepared to provide supporting doc... CONTINUE READING

IRS Automated Collection System (ACS)

7 April, 2024 | Payment Plans tax collections Tax Help Tax Issues

What to Expect When the IRS's Automated System Tries to Collect Your Back Taxes If you have outstanding tax debts your account is typically sent to the IRS Automated Collection System (ACS). The ACS is a system used to manage the collection of outstanding IRS tax debts from individual taxpayers and businesses. If you have received a notice from IRS ACS and are unsure what to expect, here’s everything you need to know. What is the IRS Automated Collection System?... CONTINUE READING

What to Do After Receiving an IRS CP523 Notice

7 November, 2023 | Payment Plans Tax Debt

Summary The IRS sends a CP523 notice to taxpayers who have defaulted on their installment agreements, which are monthly payment plans set up to pay off tax debt. This can happen for a variety of reasons, including missed payments, failure to file tax returns, unpaid taxes, or not responding to IRS requests for financial information. If you receive a CP523 notice, you have 30 days to respond and rectify the situation to avoid further action. It is crucial to read the notice carefully... CONTINUE READING

Guide to Completing Form 433-D to Set Up Monthly Payments

10 October, 2023 | Payment Plans

Summary Form 433-D, Installment Agreement, is a single-page form that outlines the terms of an installment agreement between an individual or business and the IRS. It is used to finalize installment agreements, including streamlined, non-streamlined, direct debit, financially verified, and partial payment installment agreements. To complete the form, the taxpayer provides personal and tax-related information, including the amount of tax owed, monthly payment amounts and... CONTINUE READING

Pay Your NYS Taxes Right: Online, Mail & More Options

10 October, 2023 | Payment Plans

Ways to Pay New York State Taxes and Consequences if You Don’t You may have more options for paying your New York State tax bill than you realize. Whichever option you choose, don’t wait too long. Here’s what you should know. Paying your New York State taxes on time is essential, but knowing how to make a payment or figuring out what to do if you can’t pay in full isn’t always easy. Thankfully, the New York State Department of Tax and Finance (DTF) offers several options f... CONTINUE READING

New York Tax Payment Plan

22 June, 2023 | Payment Plans

New York State Tax Payment Plan You May Qualify to Pay Your Tax Debt in Monthly Installments If you can't afford to pay your New York state income or business taxes, you may be able to set up a payment plan. To help you figure out if you qualify, this post outlines the rules and application process. Then it explains what to expect when making payments on a state tax debt. To get... CONTINUE READING

Taxpayer’s Guide to IRS Partial Payment Installment Agreement

10 December, 2022 | Payment Plans

Settle Tax Debt With an IRS Partial Payment Installment Agreement If a taxpayer cannot afford to pay their full tax bill, the IRS will sometimes agree to settle some of the taxes owed. This can happen in a few different ways, including offers in compromise, currently not collectible status, and partial payment installment agreements. This guide looks at the IRS Partial Payment Installment Agreement. This... CONTINUE READING

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New York State Tax Debt—Collection Statute of Limitations

Statute of Limitations on NY State Tax Debt—How Long Can They Collect? After state taxes have been assessed, the Department of Taxation and Finance (DTF) can only collect taxes for a set period of time. In New York State, the statute of limitations is generally 20 years. Howe...