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Video instructions and help with filling out and completing Fill Form 2220 Installment

Instructions and Help about Fill Form 2220 Installment

Hello Amanda Kendall Harris who result tax professionals today I'm coming to you I want to talk to you about the IRS Fresh Start initiatives so there's a lot of information out there on the Internet the IRS has some great information on this but I want to kind of break it down and just give you the overall view of what the Fresh Start initiatives really are that the IRS has put out there for us so the Fresh Start initiatives what those are is for installment agreements with the IRS so there's three different ways that you can set up installment agreements based on the amount you owe if you owe more than these amounts then you're most likely not going to qualify for one of the Fresh Start installment agreements but you can't qualify for another installment agreement so the first one we're going to talk about is our $25,000 or less tax liability and how that works for you so with the $25,000 tax liability you can do an installment agreement over five years and 60 months so what that's going to be is that's going to be an installment agreement that you need to do as a Direct Debit out of your bank account if you Oh less than this amount after three months of payments come out of your direct debit so not that you've made three payments not that you've made the equivalent of three payments and one lump sum but after three payments come directly out of your bank account you can actually have a lien withdrawal done on any tax liens that have been filed on you by the IRS a lien withdrawal is much better than a lien discharge or paying off a lien this actually allows you to prthis...

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