{"id":5424,"date":"2023-08-02T11:28:30","date_gmt":"2023-08-02T11:28:30","guid":{"rendered":"https:\/\/www.fishcointax.com\/?p=5424"},"modified":"2023-08-02T11:36:57","modified_gmt":"2023-08-02T11:36:57","slug":"types-of-payment-plan-with-the-irs","status":"publish","type":"post","link":"https:\/\/www.fishcointax.com\/types-of-payment-plan-with-the-irs\/","title":{"rendered":"Types of Payment Plan with the IRS"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5424\" class=\"elementor elementor-5424\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3b9cb3dc elementor-section-height-min-height elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"3b9cb3dc\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-38418160\" data-id=\"38418160\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1fdd6ecb elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"1fdd6ecb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-1055fb0a\" data-id=\"1055fb0a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1be89db elementor-widget elementor-widget-elementskit-heading\" data-id=\"1be89db\" data-element_type=\"widget\" data-widget_type=\"elementskit-heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"ekit-wid-con\" ><div class=\"ekit-heading elementskit-section-title-wraper text_left   ekit_heading_tablet-   ekit_heading_mobile-\"><a href=\"\/\"><h1 class=\"ekit-heading--title elementskit-section-title \">Types of Payment Plan with the IRS<\/h1><\/a><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62589c49 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-phone elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"62589c49\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2224c7b6\" data-id=\"2224c7b6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-25035e00 elementor-widget elementor-widget-spacer\" data-id=\"25035e00\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4183803 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"4183803\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dd7acbd\" data-id=\"dd7acbd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-35dffb0 elementor-widget elementor-widget-heading\" data-id=\"35dffb0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.fishcointax.com\/about-us\/\">By Joe Alabi EA MACCT (Taxation) CTRC<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c19cb33 elementor-widget elementor-widget-text-editor\" data-id=\"c19cb33\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Enrolled Agent\/ Certified Tax Resolution Consultant.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a894547 elementor-widget elementor-widget-text-editor\" data-id=\"a894547\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Education &amp; Training with FishCoin Tax Solutions IRS 00139079-EA<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ca3d97 elementor-widget elementor-widget-text-editor\" data-id=\"2ca3d97\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>August 2, 2023 12:36 PM<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6d4f12b elementor-widget elementor-widget-text-editor\" data-id=\"6d4f12b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"featured-image\"><p><a href=\"https:\/\/www.fishcointax.com\/about\">I represent<\/a>\u00a0taxpayers in New Hope, Minnesota and all the 50 States in the United State before all administrative levels\u2014examination, collection, and appeals\u2014of the Internal Revenue Service (IRS) and Minnesota Department of Revenue.<\/p><p><a href=\"https:\/\/www.fishcointax.com\/about\">I represent<\/a> taxpayers in Twin Cities, Minnesota and all the 50 States in the United State before all <strong>administrative levels\u2014examination, collection, and appeals\u2014of the Internal Revenue Service (IRS).<\/strong><\/p><p>If you owe back taxes to the <strong>IRS<\/strong>. The <strong>IRS<\/strong> may allow you to set up a payment plan (Installment Agreement) to pay the debt if you meet certain conditions.<\/p><p>An installment agreement is simply a payment plan or agreement between the <strong>IRS<\/strong> and a taxpayer to allow the taxpayer to pay their back-tax debt in monthly payments. There are various forms of installment agreement, each of which has special rules. The four types of installment agreements are :<\/p><ul><li>Automatic (if you owe less than $10,000)<\/li><li>Streamlined(If you owe less than $50,000)<\/li><li>Regular<\/li><li>Partial &#8211; Pay<\/li><\/ul><p><a href=\"https:\/\/www.fishcointax.com\/services-1\"><strong>Automatic Installment Agreement.<\/strong><\/a><\/p><p>Also called Guarantee <a href=\"https:\/\/www.fishcointax.com\/internal-revenue-service-irs-collec\">Installment Agreement<\/a> is where a taxpayer owes less than $10,000 in tax and during the past 5 years has not owed any tax or had an <a href=\"https:\/\/www.fishcointax.com\/internal-revenue-service-irs-collec\">installment agreement<\/a> i.e<\/p><ul><li>In compliance &#8211; Your previous five years\u2019 returns may not have been filed or paid late.<\/li><li>You have not used an installment agreement plan option within the previous five years.<\/li><li>You can pay the entire amount within three years or less.<\/li><\/ul><p>This installment program is simple enough to apply for yourself online, and you are likely to qualify for this agreement as long as you meet the criteria for your past taxes. Also, you don&#8217;t need to provide a full financial statement to the <strong>Internal Revenue Service.<\/strong><\/p><p><a href=\"https:\/\/www.fishcointax.com\/internal-revenue-service-irs-collec\"><strong>Streamlined Installment Agreement<\/strong><\/a><\/p><p>A streamlined installment agreement is very similar to the automatic installment agreement. If a taxpayer meets the following criteria, they can simply make a phone call to the<strong> IRS <\/strong>and arrange an installment agreement: \u2022 The taxpayer owes less than $50,000 \u2022 The taxpayer has not had a back-tax debt or an installment agreement in the last 5 years \u2022 The taxpayer agrees to full pay the liability within 72 months or before the Collection Statute Expiration Date (\u201cCSED\u201d), whichever occurs first.<\/p><p>Just like an automatic agreement, with a streamlined agreement the taxpayer does not have to provide any financial information. The taxpayer can create an agreement with just a phone call (or going to the IRS website).<\/p><p><a href=\"https:\/\/www.fishcointax.com\/internal-revenue-service-irs-collec\"><strong>Regular Installment Agreement<\/strong><\/a><\/p><p>When a taxpayer cannot meet the requirements of a streamline installment agreement because He\\She owe more than $50,000 or because of <strong>IRS<\/strong> collection statutes limitation is about to expire(the IRS does not have enough time to collect on the debt).The taxpayer will be required to complete a collection information statement (IRS Form 433). The<strong> IRS <\/strong>thoroughly reviews your financial situation so you can pay the debt off as early as possible. And this time, you will need to furnish a financial statement. At this point you should get a tax professional to help you. A tax professional can make sure you get the <strong>IRS<\/strong> all the required financial information and fill out a Collection Information Statement (Form 433-F or Form -433A or Form 433-B if you own a business). <a href=\"https:\/\/www.fishcointax.com\/internal-revenue-service-irs-collec\"><strong>Partial Payment Installment Agreement<\/strong><\/a><\/p><p>The <strong>IRS<\/strong> may allow you to pay part of your debt if you show you can&#8217;t afford the minimum payment for a guaranteed or streamlined installment payment plan. A partial payment agreement allows you to take longer to repay, and the <strong>IRS <\/strong>will evaluate your financial position every 18 months to see if you are better off. They will include your equity in assets in their calculations.<\/p><p>If you or anyone you know have unfiled returns and have back tax issues with the IRS or State.\u00a0<\/p><p>Please feel free to contact me using the information below.<\/p><p class=\"center\"><a href=\"https:\/\/www.fishcointax.com\/about\">Joe Alabi EA MAcct(Taxation) CTRC<\/a><\/p><p class=\"center\"><a href=\"https:\/\/www.fishcointax.com\">www.fishcointax.com<\/a><\/p><p class=\"center\">Ph. (612) 516 5878<\/p><p class=\"center\">Fax (612) 516 5878<\/p><p class=\"center\">Email :\u00a0<a href=\"mailto:info@fishcointax.com\"><span class=\"color_15\">info@fishcointax.com<\/span><\/a><\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Types of Payment Plan with the IRS By Joe Alabi EA MACCT (Taxation) CTRC Enrolled Agent\/ Certified Tax Resolution Consultant. Education &amp; Training with FishCoin Tax Solutions IRS 00139079-EA August 2, 2023 12:36 PM I represent\u00a0taxpayers in New Hope, Minnesota and all the 50 States in the United State before all administrative levels\u2014examination, collection, and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"om_disable_all_campaigns":false,"_mi_skip_tracking":false},"categories":[5],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/posts\/5424"}],"collection":[{"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/comments?post=5424"}],"version-history":[{"count":10,"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/posts\/5424\/revisions"}],"predecessor-version":[{"id":5435,"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/posts\/5424\/revisions\/5435"}],"wp:attachment":[{"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/media?parent=5424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/categories?post=5424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishcointax.com\/wp-json\/wp\/v2\/tags?post=5424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}