Can You Add to Your Irs Installment Agreement

Can You Add to Your Irs Installment Agreement

If you`ve entered into an IRS installment agreement to pay off a tax debt, you may be wondering if you can add additional tax liabilities to the agreement. The short answer is yes, it`s possible to add to your IRS installment agreement. However, there are certain steps you need to take to ensure that the process goes smoothly.

Here are the steps you need to follow if you want to add to your IRS installment agreement:

1. Review your current agreement – Before you can add additional tax liabilities to your installment agreement, you need to review your existing agreement. Make sure you have a clear understanding of the terms and conditions of the agreement, including the payment schedule and the interest rate.

2. Determine the amount you owe – Once you`ve reviewed your current installment agreement, you need to determine the additional amount you owe to the IRS. You can do this by reviewing your tax returns and any IRS notices or correspondence.

3. Contact the IRS – The next step is to contact the IRS to request to add the additional tax liabilities to your installment agreement. You can do this by calling the IRS toll-free number or submitting Form 9465, Installment Agreement Request.

4. Provide the necessary information – When you contact the IRS, you`ll need to provide the necessary information, including the additional tax liabilities you want to add to your installment agreement and your current financial situation.

5. Wait for a response – After you submit your request, the IRS will review your information and determine whether you`re eligible to add to your installment agreement. If your request is approved, you`ll receive a letter from the IRS detailing the terms and conditions of the amended agreement.

It`s important to note that adding additional tax liabilities to your installment agreement may result in an increase in your monthly payments or a longer repayment period. You`ll also be responsible for any additional penalties and interest that may accrue.

In conclusion, if you`re struggling to pay off your tax debt and have already entered into an IRS installment agreement, you can add additional tax liabilities to your agreement. However, it`s important to follow the proper steps and understand the potential consequences before doing so. If you need assistance with the process, consider consulting with a tax professional who can guide you through the process and help you make the best decisions for your financial situation.

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