Mike Wellman wrote:
- quote -

Former IRS here...I would say that if this is the first time
you defaulted and do not have a history of owing the IRS
then you probably will get your installment agreement
reinstated with the combined amounts...However, as has been
stated here, you really need to address the issue of why you
owe a balance each year. Your tax advisor should be working
closely with you to insure that you either have sufficient
withholding if you are employed...or that you are paying the
proper amounts of estimated taxes if you are self-employed
or have some other events during the year where your income
goes up. IRS does not look kindly at taxpayers who owe each
year and want to do an installment agreement...

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Hyperformance81 wrote:

- quote -

Yes, they will approve another one but more attention will
be paid to whether you are incurring future liabilites due
to under withholding or failure to make estimated tax
payments. This problem needs to be addressed so you don't
end up in the same position next year.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Hyperformance81" <jtorgerson2[at]wi.rr.com> wrote:

- quote -

They probably will.

Not that you asked, but you're not getting very good advice
from your advisor. You're digging a deeper hole each year,
and until you address making sure that THIS year's taxes get
paid on time, you'll be throwing more and more money away on
late payment charges.

It's really the same thing as using credit cards for things
like groceries and not paying the bills in full.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I recently hired an attorney/tax advisor to work on my
behalf with the IRS on my tax issues. I owed $2067.00 for
my 2004 Federal income tax. I was able to get an installment
agreement approved for this amount and have made payments as
requested for the last year. Unfortunately, I owed $5828.62
for my 2005 Federal income tax. This obviously caused my
2004 installment agreement to default. According to my tax
advisor, the IRS can (and will) approve a NEW installment
agreement for both years combined. I filled out all the
paperwork and have yet to receive an answer but my question
is whether or not this is true or likely after defaulting?
I'm trying to ease my mind...

Thanks.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >