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Payment Plans Types and Consequences
The IRS wants you in a payment plan.
As a matter of fact, the IRS person on the phone will gladly set you up with a
plan that has lots of benefits. - for the Government that is. If
you are on a payment plan of any kind with the IRS:
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It will, in all probability, never pay
the IRS off due to the extreme penalties
plus interest.
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It will cost you $43 for the privilege of
setting up a plan that will probably never end.
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In most instances, you are almost
always better off without a formal payment plan.
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Read the pages here on
Offers
in Compromise and the pages on Bankruptcy
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The biggest problem I have with formal
IRS Payment Plans (also called Installment Agreements) is the way the
IRS applies your money when you pay.
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