TaxConnections

Login | TAXPAYERS | TAX PROFESSIONALS-START HERE

Several of my tax clients living in the States, and earning all their income in the States, will have substantial federal income taxes to pay. What payment options are available to my clients under current IRS rules and regulations, so as to avoid making a lump sum payment?

IRS installment plan
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Thomas Kerester, JD
I invite your attention to IRS Newswire IR-2017-59, dated March 14, 2017, that outlines in detail the various payment options available to all taxpayers for the payment of their federal income taxes.
Leave a Comment 66 weeks ago

User Photo
Chad Hatalla
If your clients' income tax withholdings are not sufficient to cover their liabilities, you should have them make quarterly estimated tax payments using Form 1040-ES or indicating such payments using one of the methods Thomas has indicated below, which can also be found here: www.irs.gov/payments. If your clients owe balances that they cannot pay all at once and do not expect to be able to pay off over the next 4 to 6 months, then they may want to consider a payment plan or installment agreement with the IRS. However, interest and penalties will continue to accrue until the full amount is paid off. Please see: www.irs.gov/individuals/payment-plans-installment-agreements
Leave a Comment 65 weeks ago

Meet Leading Tax Advisors

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John L Stancil

Tax Advisor/CEO

Lakeland, FL

User Photo John R Dundon, II EA

Tax Director

Denver, CO

User Photo Kevin Johnson MS, JD, LL.M, CPA

Partner

Philadelphia, PA

User Photo Brian Weaver, CPA, MBA

Managing Tax Consultant

Des Plaines, IL

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, CA

Title

User Photo Clinton J Donnelly, LLM

International Tax Advisor

Panama City, Panama

User Photo Jim Marshall, EA

President/ Tax And Financial Advisor

Scottsdale, AZ

User Photo Brett A Thompson, JD, CPA

Managing Tax Lawyer

Katy, TX

User Photo Charles Woodson, EA

Tax Advisor/Fiduciary Coach

San Diego, CA

User Photo John Richardson

Tax Lawyer

Toronto, Canada

User Photo Clifford Benjamin

Senior Tax Principal

Daytona Beach, FL

User Photo Kazim Qasim, EA, CTC

Managing Tax Advisor/CEO

Orlando, FL

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today