Saturday, January 10, 2009

An Important Note About Installment Agreements

Many taxpayers have installment agreements with the IRS for prior tax debts. If you have an installment agreement with the IRS then there is something you need to know especially as we approach the 2009 tax season. An installment agreement, believe it or not, is a luxury the IRS affords taxpayers who are not in a position to pay their tax debt in full and it is something that you want to maintain and protect if you have it.

One provision, or agreement, to the installment agreement is that you will file and pay all of your future tax obligations on time. As a tax resolution specialist I have spoken with many individuals who have not filed their returns for many years and all of a sudden they have to file because the IRS is about to levy their wages. They get into an installment agreement and then default the agreement shortly thereafter by not filing their next tax return on time. Don’t let this happen to you is you have an installment agreement. Get your next return filed ASAP!

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