How can I reduce my monthly tax payment to the IRS?
I want to reduce the amount of the monthly installments of delinquent taxes owed to the IRS. How do I go about doing it?
Answered By: CVM Law Group, LLP
You need to contact the IRS and negotiate an additional installment plan. You will need to show them that your current payments are too high and it is causing a hardship to you. I recommend retaining a CPA or tax attorney who specializes in workouts with the IRS.
Answer Applies to: California
Replied: 9/21/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 9/21/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Steven J. Fromm
You cannot do this unilaterally. You must meet with an IRS agent and complete a current balance sheet and income statement. Only if your income has gone down and your financial picture is worse than it was when you entered into the installment payout will the IRS grant you a reduced monthly payout rate. Discuss the details with a tax attorney before doing anything.
Answer Applies to: Pennsylvania
Replied: 9/21/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Pennsylvania
Replied: 9/21/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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