FOR BREAKING NEWS VISIT WWW.QNS.COM FEBRUARY 6, 2020 • THE QUEENS COURIER 29
tax guide
Payment options for those
who owe but can’t pay in full
Most taxpayers will be aff ected by major
tax law changes, and while many will get a
refund, others may owe tax.
Many of those owing tax may qualify
for a waiver of the estimated tax penalty
that oft en applies. See Form 2210,
Underpayment of Estimated Tax by
Individuals, Estates and Trusts, and its
instructions for details.
Th e IRS urges people with a fi ling
requirement and a balance due to fi le by
the April 15 due date even if they cannot
pay in full. Taxpayers in this situation
should pay what they can and then consider
a payment plan for the rest.
Taxpayers who are unable to full pay
what they owe should act quickly. Several
payment options are available including:
Online Payment Agreement —
Individuals who owe $50,000 or less in
combined income tax, penalties and interest
and businesses that owe $25,000 or less
in payroll tax and have fi led all tax returns
may qualify for an Online Payment
Agreement. Most taxpayers qualify for
this option, and an agreement can usually
be set up in a matter of minutes. Online
applications to set up one of these plans
are available Monday – Friday, 6 a.m. to
12:30 a.m.; Saturday, 6 a.m. to 10 p.m.;
Sunday, 6 p.m. to midnight. All times are
Eastern time.
Installment Agreement — Installment
agreements paid by direct deposit from
a bank account or payroll deduction will
help taxpayers avoid default on their
agreements. It also reduces the burden of
mailing payments and saves postage costs.
Taxpayers who don’t qualify for a payment
agreement may still pay by installment.
Certain fees apply.
Delaying Collection — If the IRS
determines a taxpayer is unable to pay, it
may delay collection until the taxpayer’s
fi nancial condition improves.
Off er in Compromise — Some struggling
taxpayers qualify to settle their tax
bill for less than the amount they owe by
submitting an off er in compromise. To
help determine eligibility, use the Off er in
Compromise Pre-Qualifi er tool.
In addition, taxpayers can consider
other options for payment, including getting
a loan to pay the amount due. In
many cases, loan costs may be lower than
the combination of interest and penalties
the IRS must charge under federal law.
Taxpayers can fi nd answers to questions,
forms and instructions and easyto
use tools online at IRS.gov. Th ey can
use these resources to get help when it’s
needed from the convenience of home
or offi ce.
From the Internal Revenue Service
Call Now & End Your Tax Nightmare!
• Owe the IRS more
than $10,000?
• Being Audited?
•Wage & Bank Levies?
Co-Author of the
best selling book
“Breaking the Tax Code”
(T) 877-TAX-1040
(F) 718-894-4476
Salvatore P. Candela, EA, ATA, ABA
Enrolled Agent - Tax Advisor
scandela@thetaxadvocategroup.com
www.thetaxadvocategroup.com
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