IRS Tax Payment | Atlanta, GA

IRS Payment Plan

Establishing an IRS Payment Plan in Atlanta, GA

Many taxpayers find themselves owing more than their finances allow them to pay when filing tax returns.

If you find yourself in this situation, it is important to be proactive with the IRS and/or state taxing authorities. If you owe back taxes, there are options for paying them, but you need to take action.

One of those options is establishing a payment plan with the IRS. With a payment plan, you (and your spouse, if you file joint returns) agree to make payments over time to satisfy your tax obligation.

Who may qualify for an IRS tax payment plan?

Not everyone will qualify for an online payment agreement. Generally, you may qualify to apply online if:

  • You have filed all of your returns
  • You owe no more than $50,000 (including taxes, interest and penalties)
  • If you are a business, the amount of payroll taxes owed cannot exceed $25,000

But, even taxpayers who do not meet these criteria may still be eligible for an installment payment plan by completing and mailing paper forms to request a payment plan.

What does it cost to set up a payment plan?

Short-term plans

If you think you will be able to pay the entire amount owed within 120 days, you can set up a payment plan without charges, except for interest and penalties.

Longer-term plans

To set up a payment plan to pay over a longer period of time, it will cost you $52 for direct debit, where you give the IRS the authority to debit your bank account every month, or $105 to set up a payment plan where you agree to make payments every month by some other method. These one-time fees are in addition to interest and penalties

How do IRS payment plans work?

When you agree to an IRS payment plan, you are agreeing to pay a certain, set amount every month until the tax bill has been satisfied. Any refunds owed to you will first be applied to the amount due until your tax debt is paid in full. You must also agree to pay all future tax obligations on time, and to file future tax returns on time as required.

Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.

Contact Flick Financial to learn more

If you owe more in taxes than you can afford to pay right now and want to learn more about a payment plan with the IRS, contact Flick Financial today. In addition to helping you set up a payment plan, we may also be able to help you remove or reduce tax penalties.

To schedule a free consultation with our tax professional, complete the form at the bottom of this page, or call us at (404) 459-4064. We will evaluate your situation and can offer help to get back on the right track with the IRS.

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