If the IL DOR approves a taxpayer for a instalment payment plan, they can make their first payment or additional payments in different ways: A person looking for a payment plan must complete and file the financial return and other information for the attention of individuals (Form CE-13-I). Companies looking for instalment payment plans must complete the Financial and Other Business Declaration (Form CE-13-B). The Illinois Department of Revenue doesn`t give much detail about the criteria it uses to make decisions about authorization. However, applicants are encouraged to make “good faith” instalments to demonstrate their commitment to meeting instalment payment agreements. The government would rather have some money than none. So, the IRS has a payment plan if you can`t pay in full. All taxpayers who are up to date with their tax returns have the right to request a tax payment plan for the State of Illinois. Typically, a instalment payment contract is automatically accepted if you owe taxes of $5,000 or less. It is likely that you will be asked to provide complete information and documentation about your income, assets and debts if you owe more than 5,000 $US. A compromise offer (“OIC”) is an agreement between you and the IRS. In an OIC, the IRS agrees to accept less money from you than you owe. The IRS only accepts an OCI if they think they will never receive the full amount you owe and the amount you offer is the best the IRS can expect from you.
These offers may or may not be accepted. The IRS collects a fee to set up your remittance plan. If your income is below a certain level, you can claim a lower fee. At the Tax Group Center, we are familiar with the tax payment plan used by Illinois taxpayers to pay off tax debts over time. We will work hard to help you get started to pay off your tax debts. If necessary, we can help you file all late tax returns in order to qualify for a tax rate agreement in Illinois. We can also look at all other options for public tax relief. Feel free to call us today to move the process forward.
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