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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Just doing a little research on combining installment plans

Customer Question

Hi there, just doing a little research on combining installment plans I am on one for 2014, owe $5000 remaining. Will owe $12K for 2015. I am self employed so am wondering if you can combine 2 agreements and what if you are behind on current quarterlies
JA: Thanks. Can you give me any more details about your issue?
Customer: I am on one for 2014, owe $5000 remaining. Will owe $12K for 2015. I am self employed so am wondering if you can combine 2 agreements and what if you are behind on current quarterlies. Trying to determine if paying on the 2015 balance or 2016 quarter first
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 10 months ago.
Category: Tax
Customer: replied 10 months ago.
Hello
Expert:  Lev replied 10 months ago.

Hi and welcome to our site!

You may not have two installment agreements with the IRS...
But you may apply to modify your current installment agreement.
The procedure is actually the same that was used when you applied to your original agreement.

Expert:  Lev replied 10 months ago.

Please be aware that there may be a reinstatement fee if your agreement goes into default.

Penalties and interest continue to accrue until your balance is paid in full.

If you are in danger of defaulting on your payment agreement for any reason, contact the IRS immediately.

Understand your agreement & avoid default

  • Your future refunds will be applied to your tax debt until it is paid in full;
  • Pay at least your minimum monthly payment when it's due;
  • Include your name, address, SSN, daytime phone number, tax year and return type on your payment;
  • File all required tax returns on time & pay all taxes in-full and on time (contact us to change your existing agreement if you cannot);
  • Make all scheduled payments even if we apply your refund to your account balance; and
  • Ensure your statement is sent to the correct address, contact us if you move or complete and mail Form 8822, Change of Address

You can apply to amend an existing payment agreement online if you still meet the conditions for an online agreement.

Same procedure applies.

If the taxpayer already has an installment agreement established for other tax years and the examined period will be added, "Amended Agreement" should be written in red on the top of the Form 433–D.

If the taxpayer has an established agreement for the examined period and the deficiency amount has changed, "Restructured" should be written in red on top of the Form 433–D.

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