Have a Tax Question? Ask a Tax Expert
Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
Taxpayers that enter into a Direct Debit Installment Agreement (DDIA) for unpaid assessments of $25,000 or less, the IRS will now allow lien withdrawals under several scenarios:
Liens will be withdrawn after a probationary period demonstrating that direct debit payments will be honored.
If you owe $10,000 or less they will not place a lien. If you owe $25,000 or less they will generally not place a lien.
For taxpayers that did or do have a lien placed they need to file form 12277
This is a request for the lien to be withdrawn.
if I enter the agreement then later should need to ammend a past return that results in a small amount due (omitted a very small w-2 from 2011 return) will that affect my agreement if i satisfy the ammended return with a check
It should not effect the 2012 agreement
one last question....the amount owed will likely be less than 25000...what would be the minimum montly payment i could request...how does interest and penalties play into this...( i filed an extension)
The monthly amount would depend on what you could afford.The streamline option allows a taxpayer to take 5 years bit interest continues to accrue during an installment payment time.
Thanks a bunch...I will rate your answers excellent!
You are most welcome.
Your positive rating is always thanks enough.