We have had to revisit installment agreements for various different reasons. A few reasons have been for IRS late payments, accrual of additional taxes, failure to remit payment in full, and so forth. What is important to remember is the installment agreement usually can be reinstated rather quickly. The appropriate and following steps must be taken:
- Contact Highland Tax Group, Inc. right away and fax any and all notices to our attention regarding your IRS late payment or defaulted installment agreement
- Have the professionals at HTG read the notices (if they have not received copies already) and dictate next steps to you such as how to make up your IRS late payment
- Once the next steps are determined and or your IRS late payment has been made up, make sure all notices are calendared and appeal rights are adhered to if the agreement cannot be reinstated immediately by phone
- A financial statement form or IRS collection information statement may need to be revisited to determine if the installment plan can be reinstated at the same amount as before, lowered, or increased
Usually the IRS will reinstate the agreement, charge a user fee, and you will need to start making payments immediately. It is important to remember that once an installment agreement is reached, pay close attention to the terms of the agreement. The following must be maintained throughout the duration; staying current and compliant, filing current returns timely, paying current taxes timely, and paying installment payments on time and in full by the due date. Further, please take notice of any addition or increase to the agreement, be mindful of a 1 or 2 year financial review once the agreement is set up, make sure you pay any and all notices if additional tax, penalty, or interest amount is accrued. Lastly, inform HTG of any actions taken on the account.
Remember, IRS late payments will cause the agreement to default, contact us by phone at 720-398-6088. Or feel free to check out our website at www.highlandtaxresolution.com.