Do you know someone who’s unable to pay their taxes in full this year? There are ways to ease the burden. The taxpayer can enter into a written agreement with the IRS for the payment of tax in installments. There are several types of plans, including a short-term installment agreement of up to 120 days to pay in full. There’s also a long-term monthly installment plan. The amount of tax owed and the individual taxpayer’s tax filing compliance determines which installment agreement options may be available. Generally, taxpayers who’ve filed all required returns and owe $50,000 or less in combined tax, penalties and interest may use the IRS’s online “payment agreement tool” to set up a plan. Call or visit our website for more information! www.mjscpa.com/
