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Shane-CPA
Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
Experience:  Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
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I owe the IRS 70K on an installment agreement and just filed

Customer Question

I owe the IRS 70K on an installment agreement and just filed my 2011 and owe 35K. My IA is still active do I pay towards both?
Submitted: 11 months ago.
Category: Tax
Expert:  Shane-CPA replied 11 months ago.

Shane-CPA :

Hello...my name is XXXXX XXXXX X am a Certified Public Accountant. I look forward to assisting you with your tax question.

Shane-CPA :

I am assuming your installment agreement relates to a tax year prior to 2011. If that is the case, then yes you would still be responsible for the installment agreement and the amount due for the 2011 taxes. If you are unable to pay the $35,000 taxes for 2011, you would be able to work out a 2nd installment agreement with the IRS or request them to combine the 2 into one monthly payment.

Customer: Thank you - so you can have to agreements? Yes the current one is for prior tax years
Shane-CPA :

Yes...you can have 2 installment agreements with the IRS but you may want to consolidate the 2 into one agreement to make it easier for you

Customer: Oh that's good to hear -I thought you could only have one. Can I keep my current one active and ask for 120 days to pay the other one?
Shane-CPA :

Yes...you can request the 120 day extension from the IRS. When you make the payment for the 2011 taxes you will want to be sure to mark the tax year that the payment should be applied to...

Customer: Ok thank you!
Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
Experience: Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
Shane-CPA and 2 other Tax Specialists are ready to help you
Expert:  taxmanrog replied 11 months ago.
No, you cannot have two installment agreements. You have to either pay the $35k in full as well as keep current on the installment agreement, or try to renegotiate the installment agreement. You cannot have a tax liability for the entire installment agreement period! You must keep your tax bills paid, and all tax returns filed, or else the installment agreement is voided.

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