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YourTaxDefender
YourTaxDefender, Enrolled Agent
Category: Tax
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Experience:  I am an Enrolled Agent licensed to practice before the IRS; specialized in Tax resolutions.
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if i am unable to pay monthly tax amount owed to the IRS will

Customer Question

if i am unable to pay monthly tax amount owed to the IRS will they take my monthly pension (from different funds ) as they threatened to do- they are changing the amount from 300.00 to 1000.00.?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

I'm so sorry to hear about your situation!

Megan C :

And I hate to be the bearer of bad news, but when you default on your installment agreement, the IRS can pursue collections actions against you which include garnishing pension checks.

Megan C :

Your best option is to try to negotiate a new payment amount that you can afford

Megan C :

If you have no money and no assets, then you could get in currently not collectible status, which would prevent the IRS from taking collections actions against you. They only grant this when it's certain that someone does not have assets to liquidate and has very little funds to garnish.

Megan C :

Another option would be the offer in compromise

Megan C :

this is where you get together all that you possibly can, and the IRS agrees to take it for full payment of your debt. This is also rare, and only happens when the IRS does not believe they could reasonably collect more than the offer amount.

Customer :

no reply

Megan C :

You don't see my response?

Megan C :

I don't think you can see my response. Here it is:

Megan C :

I'm so sorry to hear about your situation!

11:13 AM

And I hate to be the bearer of bad news, but when you default on your installment agreement, the IRS can pursue collections actions against you which include garnishing pension checks.

11:14 AM

Your best option is to try to negotiate a new payment amount that you can afford

11:14 AM

If you have no money and no assets, then you could get in currently not collectible status, which would prevent the IRS from taking collections actions against you. They only grant this when it's certain that someone does not have assets to liquidate and has very little funds to garnish.

11:19 AM

Another option would be the offer in compromise

11:19 AM

this is where you get together all that you possibly can, and the IRS agrees to take it for full payment of your debt. This is also rare, and only happens when the IRS does not believe they could reasonably collect more than the offer amount.

Megan C :

Did you have any further questions?

Expert:  YourTaxDefender replied 1 year ago.
Hello. I specialize in Tax Resolution. State and Federal Wage Levies and Bank levies. Can assist in all IRS issues.
Expert:  YourTaxDefender replied 1 year ago.
If you are in an Installment Agreement, the IRS must have set you up in a tiered program. If this is personal debt then you should be able to have the IRS set you up in a Streamline Installment (if you owe under $25k) which means your balance divided into 72 months. If between 35-50K dollars then you would need to get into a "direct Debit" or Fresh Start program, as long as you are not in a default status. If you have retirement from the government then they can do a Federal Levy which can garnish 15% of your military or social security. If not, then go to www.irs.gov and fill out a 433F and supply financials for a payment you can meet.
I hope this helps and if you need additional information, just message me back. Thanks, Joe
Expert:  YourTaxDefender replied 1 year ago.
If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better (excellent, is ideal)… That's the only way they will pay us here.

HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question

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YourTaxDefender
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I am an Enrolled Agent licensed to practice before the IRS; specialized in Tax resolutions.