ilmscore | If You Can't Pay The IRS - Your OPTIONS & IRS Payment Plan Explained

If You Can't Pay The IRS - Your OPTIONS & IRS Payment Plan Explained

Published: 2020-03-15
Status: Available | Analyzed

Predictions from this Video

Total: 13
Correct: 0
Incorrect: 0
Pending: 13
Unrated: 0
Prediction
Topic
Status
The IRS has a ten-year statute of limitations for collecting debt.
"there actually is there's a ten year statute of limitations"
IRS Statute of Limitations
Pending
A 5% monthly penalty will be charged for not filing taxes.
"they're gonna charge you 5% of that a month for not filing"
Failure to File Penalty
Pending
A 0.5% monthly penalty will be charged for not paying taxes.
"they're gonna charge you half a percentage point a month for not paying"
Failure to Pay Penalty
Pending
Filing a tax return extension moves the tax return due date to October 15th.
"your tax return is not due until October 15th"
Tax Return Extension Deadline
Pending
A 120-day extension to pay the tax balance due can be requested.
"you can request 120 day extension to get that balance due you paid to the IRS"
Short-Term Payment Extension
Pending
There is a fee of $31 to $149 for setting up an installment agreement with the IRS, depending on income.
"they're gonna charge you $31 $149 based off your income levels"
Installment Agreement Fee
Pending
Qualifying for an Offer in Compromise has a very high hurdle and is difficult to achieve.
"to qualify for an always here to have it executed it's a very high hurdle it's a very high bar"
Offer in Compromise Qualification
Pending
The IRS has a ten-year statute of limitations to collect debt.
"there actually is there's a ten year statute of limitations"
IRS Statute of Limitations
Pending
IRS penalties include 5% per month for not filing, 0.5% per month for not paying, and variable interest rates on the balance due.
"whatever your balance do is they're gonna charge you 5% of that a month for not filing they're gonna charge you half a percentage point a month for not paying and on top of all this they're gonna charge you interest"
IRS Penalties
Pending
Filing a tax return extension can help avoid the failure to file penalty, which is more severe than the failure to pay penalty.
"if you file a tax return extension if you do that then at least you're going to avoid the failure to file penalty"
Tax Extensions
Pending
A 120-day extension can be requested to pay the tax balance due to the IRS, though interest and penalties will still accrue.
"you can request 120 day extension to get that balance due you paid to the IRS"
Short-Term Tax Payment Extension
Pending
Establishing an IRS installment agreement (payment plan) incurs a fee ranging from $31 to $149, depending on income levels.
"they're gonna charge you $31 $149 based off your income levels"
IRS Installment Agreement Fee
Pending
Qualifying for an Offer in Compromise involves a high bar, with the IRS examining income, expenses, other debts, ability to pay, and assets including home equity.
"to qualify for an always here to have it executed it's a very high hurdle it's a very high bar I mean the IRS they're gonna examine your income your expenses your other that's your ability to pay your assets including the equity in your home"
Offer in Compromise (OIC) Qualification
Pending