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039: IRS Installment Agreement consult (08/19/2014) - published 02/15/2025
5 Plays2 months ago
- Courtesy: Stephen D. Yennaco /dba The Giant Game Company thegiantgameco.com/
An IRS Installment Agreement (I/A) allows taxpayers to pay tax liabilities in monthly installments. It's governed by IRC §6159, which outlines terms and conditions.
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Transcript
Introduction to Innocent Spouse Relief
00:00:02
Speaker
but it may come to the fact that we have to file an innocent spouse on your wife. In other words, she gets innocent spouse relief, she's innocent. Okay. Okay.
00:00:13
Speaker
um
00:00:16
Speaker
Um...
Deciding on Installment Agreement for Tax Issues
00:00:17
Speaker
Do you... Okay, here are your choices. Collection, alternative. Installment agreement, offer and compromise. I cannot pay balance. You want to do an installment agreement? Yep. Okay. And, um... I think we have a copy of it here.
00:00:32
Speaker
don't wait for you to get the most current information about your amended return is by using our where's naave returned online but whating to telephone to so you're ready So... are the... Oh, come on Steve, now we're not going... Oh goodness...
Using 'Where's My Amended Return' Tool for Updates
00:01:02
Speaker
update. Where's my amended return every 24 hours? Usually overnight, so you only need to check once a day. You don't have to wait a whole to speak to an IRS member once it's received. Where's my amended return? We'll provide you with information about your amended return immediately. And there's no need to call unless where's my amended return instruct you to do so.
Selecting Excuses for IRS Levy Relief
00:01:50
Speaker
Okay, so heres here are your here's my, I keep a library of excuses basically. Okay, let me read a couple of these to you and see which one applies.
00:02:01
Speaker
canno not take um um muchomic payment object you think that more creditice card if you tell that fire and press that slash okay ah
00:02:21
Speaker
Okay. In other words, we can change the verbiage to to fit your scenario. Taxpayer requests immediate relief from the levy and would like to implement an installment agreement to pay the taxes that are in arrears. A levy would cause significant financial hardship on the taxpayer. That's the one I usually use. Or taxpayer requests immediate relief from levy and would like to be placed in a currently not collectible Code 53 status. That doesn't apply.
00:02:45
Speaker
I mean, if you were totally destitute. No, we're not. yeah And you know what? My income's going up, and they're going to realize that, and they're going to want some dough. So that's the way it is. OK, so um okay here it
Mailing Installment Agreement Without a Checkbook
00:02:57
Speaker
is. Here is the installment agreement we previously had assembled. OK, you need to mail this in, obviously. I don't know why you didn't mail it in. Because I'm here. Did you bring your checkbook today?
00:03:11
Speaker
You did not. Do I need a check? Well, you need to give them a check for, um... What's the amount here? 83? Yeah, then you said, I can do that because my bank is next
Determining Payment Amount for Installment
00:03:23
Speaker
door. I can go over and get a few dollars. Yeah, you should do that right now, right today. How much should I put in? Put in, um... You said out of the first 83 there's a fee that'll come out, right? Yeah, and I can't remember how much it is now. Um... Should I send them four months worth?
00:03:37
Speaker
You can send them as much as you want. You could pay the whole thing off. No, I understand that. but I'm asking you what you suggest. Based on... we've filed a couple hundred Send them a couple hundred. That'll cover the app fee. And I think it's $52 for the app fee. So I'd send them a couple hundred. Round round numbers. i usually round I don't even use pennies in my checkbook. i just All my girls I pay in round numbers. It's just easier. You're funny. How does that...
Bank Visit for Mailing Process Completion
00:04:03
Speaker
doesn cut up your computer though OK, so right now I shall go over to my bank next door here at the end of the road. Do you need an envelope? Or do you have an envelope? No, I'm going to bring it back here. I'm going to fill it out together and make sure try I get the right address. So you're going to go right now? I'm going right back to the cash. I have a bank check.
00:04:22
Speaker
okay all right fine bank check fine yeah yeah get a $200 can this is it I want to ask you a question if I get it if I take the bet if I get a bank check for my own regular bank did I write down who this is where he does banking now in case it's a problem this is we go in the future you're worried about they're gonna find you okay that you can't hide in order to give any bits of information though if you were trying to hide behind a telephone pole it's the same thing okay they're gonna get you that's why I asked you I don't know longer I'm gonna make some coffee while you're gone okay So I'll be back in a few minutes. You need anything while I'm out? Negative. Negative.