Extension of time to pay

[MAMalody]

Can somebody provide a link or info on the extension of time to pay based upon your circumstances for 30-120. This was referred to in IRS Tax Tip 68. I don't seem to be very successful in finding the criteria for this or how it works. Any help would be appreciated.

Mike

[jainen]

>>extension of time to pay based upon your circumstances for 30-120<<

Call the the phone number in the notice (800-829-1040). Expect to be on hold a while 'cause it's the main IRS number for entire country.

It should be easy to qualify if you can show or at least state an ability to pay in full within a few months. They offer this because it takes them that long to start serious collection efforts anyway. You can achieve the same result by simply responding to one of the automatic bills they will send out. Note that the IRS can't waive interest and won't waive penalties. You save a little in those categories compared to an installment agreement because that is usually for a longer period and has a setup fee. You also have a little more flexibility in how and when you pay if you avoid a formal agreement.

[jklcpa]

Mike, here's a link to the IRS that briefly discusses that issue. At the bottom of that page is the link to the online payment agreement for these short-term agreements:

http://www.irs.gov/newsroom/article/0,,id=108508,00.html

[diligentbiz]

If you received the IRS Newsletter this week, it has a link that answers this question. If you haven't, let me know and I'll forward a copy to you. My e-address is <[email protected]>