Instant Tax Solutions Reviews Information on New IRS Form 9465-FS Installment Agreement Requests
The IRS, according to several Instant Tax Solutions reviews of new policy, has released a form that allows taxpayers who are behind on their taxes a new option for repayment. The form is expected to speed up the IRS's processing time.
Online, March 23, 2012 (Newswire.com) - Instant Tax Solutions often reviews IRS news and recently announced that the IRS has added yet another form. This new form, however, is one that the taxpaying community is glad to see. According recent Instant Tax Solutions reviews, Form 9465-FS was released to allow a taxpayer behind on his or her liability a little extra breathing room.
Taxpayers with between $25,000 and $50,000 may complete the form, which requests an installment agreement. The Instant Tax Solutions reviews team explained that the payments must be through direct debit. Additionally, the form extends the original 60 month payment terms to a more manageable 72 months, found the Instant Tax Solutions reviews. Previous installments agreements had a threshold of just half ($25,000). The Instant Tax Solutions reviews team reports that taxpayers are excited and thankful for the updated process.
An additional benefit found by the Instant Tax Solutions reviews team shows that taxpayers may not be forced into completing tedious and detailed statements of their finances. Previously, this was required documentation for an installment agreement. For 2012 balances, taxpayers may simply attach the new form to the front of their tax return, reports the Instant Tax Solutions reviews team. Instant Tax Solutions reviews also found that existing balances are eligible and taxpayers may mail the form directly to the IRS Office.
The Instant Tax Solutions reviews of IRS installment policy found that the agency has plans to update OPA (Online Payment Arrangement) currently located on IRS.gov. Currently, this form only allows for balances of $25,000 or less with payment terms of 60 months. Instant Tax Solutions reviews reveal the soon-to-be revised application will fall in line with the new $50,000 limited.
Tax preparers are advised to encourage their clients to submit Form 433-A if they are unwilling to agree to a direct debit, or cannot pay the amount in the given time, said the Instant Tax Solutions reviews team. Additional documentation may be required in these cases, including supporting evidence that substantiates the client's payment ability, according to these Instant tax Solutions reviews.
Currently, the IRS automatically applies a lien to taxpayers delinquent by $25,000, according to the Instant Tax Solutions reviews team. However, with the new agreement, the IRS is expected offer a bit more leniency on those with balances of up to $50,000. Findings by the Instant tax Solutions reviews say that the current practice is in place to protect the IRS's interests and ensure taxpayer compliance. The taxpayers who may anticipate a more lax approach from the IRS are those who voluntarily enter into a direct debit agreement. The Instant Tax Solutions reviews team noted that this may apply only to taxpayers owing less than $50,000 who have the ability to carry out the terms of the agreement.
Instant Tax Solutions reviews also found that there are several addresses in which the new Form 9465-FS can be mailed, and remittance is based on taxpayer locale. Overseas US residents have one specific address. The new form is only two pages long, according to the Instant tax Solutions reviews team, and very little documentation, if any, is expected to accompany the form. A pay stub with recent earnings may be requested.
In summary, the Instant Tax Solutions reviews team found that the newly announced Form and standards should help ease the pressure of Americans who have fallen into hard times due to economic defects.
Instant Tax Solutions is a Post Falls, Idaho-based tax debt relief agency with a commitment to consumer education. Established in 2009 by Byron Pederson and Ian Woodman, the firm serves a national clientele and is licensed in all 50 states. For more information visit www.instanttaxsolutions.com