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There are several different options how to pay back taxes to the IRS.
This article will deal with the method of payment and the form of repayment.
Back taxes will always be a tax problem until you remove your case off of the CADE enforcement computer of the IRS.
If you are looking to retain a professional tax firm you should look to Fresh Start Tax LLC to find the easiest and most affordable ways to get Uncle Sam off your back.
We are comprised of Tax Attorneys, CPA’s and Former IRS Agents. We have over 60 years of working directly for the IRS.
Tax options to pay Back Taxes to the IRS:
Methods of making the back taxes payment
a.Electronic Funds Transfer.
You can pay your tax bill by electronic funds transfer, check, money order, cashier’s check or cash. To pay using electronic funds transfer, use the Electronic Federal Tax Payment System by either calling 800-555-4477 or using the online access at www.eftps.gov.
b.Credit card payments.
You can pay your bill with a credit card. Again, the interest rate on a credit card may be lower than the combination of interest and penalties the IRS must charge.
To pay by credit card you can contact one of the following processing companies:
1. WorldPay US, Inc. at 888-9PAY-TAX (or www.payUSAtax.com),
2. Official Payments Corporation at 888-UPAY-TAX (or www.officialpayments.com/fed), or
3. Link2Gov Corporation at 888-PAY-1040 (or www.pay1040.com)
How to get more time, get installment agreements of apply for a tax settlement
Installment Agreements.
You may request an installment agreement if you cannot pay the total tax you owe in full.
This is an agreement between you and the IRS to pay the amount due in monthly installment payments. There are different options depending on the facts and circumstances of each case. you should contact us directly to find out the options on your particular case.
Note: You must first file all required returns and be current with estimated tax payments. IRS will refuse to deal with you if you are not fully compliant with all tax filings.
If you owe under $50,000 we can get you a guaranteed installment agreement without detailed financial information however if you owe over $50,000 the work is much more involved and detailed financial statements will be required by the IRS.
Offer in Compromise, Tax Settlement
IRS is now offering more flexible terms with its Offer-in-Compromise Program.
An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed.
An OIC is generally accepted only if the IRS believes, after assessing the taxpayer’s financial situation, that the tax debt can’t be paid in full as a lump sum or through a payment agreement.
The offer in compromise ( tax settlement ) is a very detailed format and requires the filing of a 433 OIC and 656. IRS spends an average of 20 man hours for every offer in compromise it accepts.
Call us to make sure you are a candidate for a offer in compromise or a tax settlement. If you are a candidate you will settle for pennies on a dollar. We are Offer in Compromise specialists.
Fresh Start Program just initiated by the IRS has made the Service a friendlier agency to deal with. Call us for more details.
How to pay Back Taxes to the IRS – Tax Settlement, Offer in Compromise – Fresh Start Tax LLC
