How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Back taxes owed 42000.00 2014 taxes owed 22000. Will the IRS

Customer Question

back taxes owed 42000.00 2014 taxes owed 22000. Will the IRS wait until the end of this year for the 2014 taxes to be paid in full? We are already in an installment agreement for the 42,000
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

You must be current on all tax years following the installment agreement.
The IRS generally woudl not wait and if you just filed 2014 tax return - you will start receiving collection letters immediately.
Normally you are given 30 days to pay your tax liability in full.
If you are not able to pay - you may apply to modify your existing installment agreement - the procedure is essentially the same as a new application.

If you do not pay - the risk is that your current installment agreement will be terminated and the IRS will push collection effort further and may levy on your income and assets.

Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Lev replied 1 year ago.

The issue is that as a part of your installment agreement - you agreed to
- file all required tax returns on time & pay all taxes in-full and on time
So the situiation you described is a violation of your installment agreement - and the IRS may revoke the agreement. It would be harder to have a new agreement that to modify the existing one.
To avoid such situation - you might contact the IRS to change your existing agreement if you cannot pay.

Expert:  Lev replied 1 year ago.

Please verify your email for proposed offer.

.
I appreciate if take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you will all tax related issues.

Related Tax Questions