If your financial situation has changed since your last tax return, or you can’t get on an installment plan because the amount the IRS requests is too high, there are a few other options. You can submit an up-to-date financial statement demonstrating any current hardship and detailing wages earned and expected from work or other income for the year ahead. If you can demonstrate that your income is insufficient for the IRS to collect all of what you owe within the time period they have to collect, you may be able to get penalties and interest reduced, or part of your tax debt canceled.
What if I can’t afford the monthly payments the IRS requests to resolve my tax debt?
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About the Author: Christopher Ebert
Chris Ebert has been an acknowledge credit repair expert since 2003. He writes for blogs, national publications, advises CRO's to best practices and speaks at national industry conferences. He started his credit repair journey working in some of the largest credit repair attorney firms. Forming his own credit repair organization in 2005, he has help tens of thousands of clients understand credit, what credit repair can actually do for them, and best practices to build their credit profiles fast.