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I have an installment agreement question, I owe less than…

I have an installment...

I have an installment agreement question

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I owe less than 1000 from previous years taxes federal..now we owe more for this year...I can pay off the old one first..but can I still do an installment agreement without a filed tax lien on the new one..and if so what are the dollar values..10k or 25k balances owed?

Accountant's Assistant: Is there anything else important you think the expert should know?

We are a PLLC...this is personal taxes..the old one is from an old business years ago..that they had filed a lien on..but that lien was relased.actually dismissed a while ago.. ayment of the old one..I am not sure if they have already filed a lien on the newest year 2016..and I am sure I just saw my credit report yesterday all 3 bureaus..

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6/7/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,403
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name 's Lane

...

Yes, you can include the new balance (tax liability) in your current installment agreement. There will only be one installment agreement which includes all of the tax years that you owe.

...

You should contact the IRS as soon as possible to have it included because a new balance will automatically default your current agreement (it is one of the terms and conditions.)

...

You can call them at 1-***-***-**** or go to a local office. Or, you can submit another Form 9465, and include all of the tax years that you owe with the request to have the new tax year included. It is important to have the new tax year included because collection will start on the new tax year, if it is not added to the agreement.

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Thanks,

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice since 1986.

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Customer reply replied 1 year ago
Ok Lane..one follow up..How do I know if I am already too late to combine them.or is it best that I pay off the very small one..and then how many dollars..? $25000 max can a tax debt installment agreement be..and NOT have the IRS relfile a new tax lien..Here is the very important issue..We are just now adding a second dental office location..and so if this tax lien is field at all..I am very concerned that it will kill the new office loan..and as a result the entire project...

If you're talking about 2016 taxes, and you didn't' make a payment with an extension, then you DO have a balance, and are in (or will be shortly, if they haven't for some reason) default.

...

I would certainly pay off the 1000 ... much cleaner that way

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Then you can set up another as long as the amouint is less than $50,000 ($25,000 is for business taxes)

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,403
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 year ago
hi Lane..can I actually talk directly with you..please..I need a feeling of comfort here..yes we didi file an extension through my accountant..but..he said we only can do an instllment agreement if my balance was under 10k??

https://www.irs.gov/individuals/payment-plans-installment-agreements

...

You may be eligible to apply for an online payment agreement

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