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| *Loan,banking and credit>>>income tax |
Does anyone have experience negotiating a settlement for back fed. income taxes? |
I'm currently on a payment plan for my 2004 federal income taxes. I'll owe again this year, and from what I understand, I can't have a payment plan for 2 years. I'd like to consolidate both years with a private loan or possibly pay out of savings, but I'd like to negotiate the penalties and interest that have accrued on the '04 balance. Also, how do I go about doing that if it's possible? You need to pay the full amount due to the IRS. You can then request an abatement of the penalties, a separate request for each year needs to be submitted. There is no abatement for interest. Based on the reason for having a Balance owed for each year in going to be the determining factor on whether the IRS will abate the penalties. A form 843 must be completed for each year. You can only request this AFTER the balance due is paid in full http://www.irs.gov/pub/irs-pdf/f843.pdf... http://www.irs.gov/pub/irs-pdf/i843.pdf... Source(s): Internal Revenue Service 1-800-829-1040 |
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