As outlined in our Frequentlty Asked Questions, if you have received a bill from one of the taxing authorities and would like to apply for an Installment Payment Agreement, both the IRS and NY have ways to apply online for this.
There is no set up fee for IRS payment plans spanning 180 days or less. For long term plans or business returns, the set up fee is less expensive when applying online rather than by phone:
- https://www.irs.gov/payments/online-payment-agreement-application
- Alternatively, you may apply with the IRS over the phone by calling: 800-829-1040 (individual) or 800-829-4933 (business), or the phone number on your bill or notice.
For New York balances of $20,000 or less, or those requiring no more than 36 monthly payments, apply for a plan online:
For NY balances greater than $20,000 or requiring more than 36 monthly payments, you must call 518-457-5434.
If you are in a position where you owe tax to the IRS but do not have the funds to pay or need additional information please consult this video provided by IRS youtube page.
If you have suffered a significant hardship and the total of all of your assets demonstrate an inability to pay you tax debt within the next 10 years, you can find more information (including an application) regarding Offers in Compromise at: https://www.irs.gov/payments/offer-in-compromise.
If you would like to discuss these matters with a member of our team, please schedule a consultation using this link: https://calendly.com/karasseipeltax