By Greenberg law group, p.a.

Can I Add Tax Owed  To An Existing IRS Installment Agreement?

Understanding  IRS Installment Agreements

Keep swiping to learn about adding tax owed to existing IRS installment agreements!

An IRS installment agreement is a payment plan that allows taxpayers to settle their debt over time. The payment plan offers both short-term and long-term payment options.

Short-term agreements involve clearing the debt within 180 days, while long-term agreements can extend up to 72 months. You can apply for these installment payments online.

Conditions for  Adding Debt

The IRS evaluates various factors when determining eligibility for incorporating new tax debt into an existing agreement. 

These considerations encompass the individual’s financial situation, payment history, total debt amount, and compliance with tax filing obligations.

Impact on Existing Agreement Terms

Adding a new debt may result in adjusting your monthly payment plan, such as the amount of payment and the total repayment agreement. The IRS will evaluate your current financial situation, taking into account the new debt, and based on that, calculate the installment payments to ensure taxpayers can meet their obligations.

Modifying an IRS Installment Agreement

Taxpayers can request the addition of new tax debt by using the IRS’s online payment agreement tool. You can revise the type of plan, payment amount, and payment due date. Individuals can also contact the IRS by phone or mail. Typically, the IRS may ask for documents such as tax returns, bank information, and collection information statements.

Seeking Professional Tax Assistance

Seeking guidance from a tax attorney  is crucial. Our expertise, legal representation, and proficiency in navigating tax intricacies can ensure optimal outcomes. If you require legal consultation, don’t hesitate to contact Greenberg Law Group, P.A. We are  ready to assist you and provide the best advice for your specific situation.

Need Help Navigating IRS Installment Agreements? 

Let's Get In Touch!