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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29571
Experience:  Taxes, Immigration, Labor Relations
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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.
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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.

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