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How to Successfully Negotiate an IRS Payment Plan in Mount Laurel, NJ

By
Industry Observer with OnPoint Resolution LLC

The mere thought of owing money to the IRS can send shivers down the spine of many Americans. Unfortunately, if you haven't been able to pay your taxes in full, the chances are that you could owe the IRS thousands of dollars that you simply cannot afford to pay back in one lump sum. Rather than risk facing steep penalties for late payment, negotiating an IRS payment plan in Mount Laurel, NJ, is key. If you're a non-filer worried about negotiating with the IRS, don't fret. 

1. Contact the IRS

One of the most significant mistakes taxpayers make is ignoring the IRS collection letters and calls. The most important thing to do is to communicate with the IRS and let them know your financial situation. Contact an IRS representative to formally request an installment agreement. The IRS has different payment methods such as a direct debit agreement, payroll deduction agreement, and payment per month. The IRS representative will confirm your eligibility for the program.

2. Gather Your Paperwork

Before trying to negotiate an IRS payment plan, it is vital to have all your paperwork in order. You also need to have a breakdown of your income and expenses. It is important to ensure that all amounts, including deductions and exemptions, are accurately reported. Inaccurate financial reporting can seriously affect your eligibility for an installment agreement. 

3. Be Honest and Straightforward

The IRS could cancel your payment plan if you fail to make payments on time or provide false financial information. To ensure you're eligible for payment plans, it is important to be entirely straightforward about your financial situation. Be sure to disclose any income sources, expenses, assets, and debts. If you're struggling with back-tax debt, don't worry; the IRS is aware that taxpayers can fall behind on payments. However, failure to disclose financial information could lead to an IRS audit with disastrous results.

4. Seek Professional Guidance

If you are struggling with back-tax debt, seeking help from a tax professional is highly recommended. An enrolled agent can provide invaluable guidance on whether an installment agreement is the right option for you. Such professionals can also help negotiate an installment agreement on your behalf, increasing the chances of success and the amount of money you will save.

5. Adhere to Your Payment Plan

Once you've negotiated an IRS payment plan in Mount Laurel, NJ, it is vital to adhere to it. Failing to make payments on time could result in steep fines and additional fees. Thus, make sure to set reminders to ensure that you stick to your payment plan.

Navigating an IRS payment plan can be a daunting undertaking, particularly if you're not familiar with the IRS's procedures and requirements. If you're looking to negotiate an IRS payment plan in Mount Laurel, NJ, following these tips could increase your chances of success. Remember to be honest and straightforward, seek the guidance of a professional, and to adhere to your payment plan once established. Following these tips could save you thousands of dollars in additional fines and penalties and make the debt repayment process a less daunting prospect.  So, don't wait – take action today and negotiate your payment plan!

Get The 7 Secrets IRS Doesn't Want You to Know.

Fanta Kaba

OnPoint Resolution LLC

309 Fellowship Road, suite 200

Mount Laurel, NJ 08054

Tel. 973.840.7350

Fax. 347.344.6942

onpoint@onpointresolution.com

www.onpointresolution.com

 

Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for sharing your experience and your advice.

Jun 26, 2023 08:05 AM
Paddy Deighan MBA JD PhD
http://www.medicalandspaconsulting.com - Vail, CO
Paddy Deighan J.D. Ph.D

Wow...have not seen a post from Mt Laurel in ages...I am originally from Cherry Hill....heading back there next week to visit family!!!

Jun 27, 2023 12:47 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Great information!  Just hoping I will not find myself in the position of needing to negotiate an IRS payment plan.

Jul 05, 2023 01:38 PM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great post!  Thanks for sharing and enjoy your day!

Jul 31, 2023 06:38 AM