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I still owe around 15000 from last year and am in a payment…

Ok so i still...

Ok so i still owe around 15000 from last year and am in a payment plan. I thought I was gonna be able to pay everything off this month but had a change in work like a big drop in pay. I know i am gonna owe for this tax year but so far the company he is going to work for will take taxes out...he was/is self employed but doesnt have work thus the change. Will the Irs let me add to my payment plan is i dont get it all paid i hope that isnt confusing

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

Basically im asking if i still owe taxes and am in a payment plan but have a drastic change in income will they let me add that amount to my payment plan?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Hmmm idk

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Answered in 7 minutes by:
3/20/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out.

Having a balance due on your taxes will result in your original installment agreement being defaulted. What you should do is call the IRS at 1-***-***-**** and they'll help roll the new balance into the prior installment agreement. You can also visit your local office to help get the new payment plan setup.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 1 month ago
Ok so it is possible to do that then. But i would have to file on time and not get an extention right?

It is possible to due. The IRS is usually good about helping you out with these things. I'd get the return prepared, find out how much you owe and then give them a call to inform them of your situation and how much you owe before filing. They will not be able to setup the payment plan until there is a tax assessment, but that will give them the heads up what is going on, can freeze collections, and let you know everything that is needed.

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Customer reply replied 1 month ago
ok thank you. This just came up today and I am hopeful that it will resolve itself soon and i wont have to carry that very long. Just wanted to know what options I have. btw do you happen to know what the percentage for interest is for a year with the irs?

It's about 4% right now.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
thank you so much!
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Carter McBride
Carter McBride
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Category: Tax
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