Help with IRS Installment Plan

churru911

New member
Greetings
I am on a payment plan/installment plan with the IRS. When I first signed for the plan, I set up automatic payments to take the $ from my bank. well this past month for October, I noticed the payment was not taken from my checkings account. I don't understand why.

i contacted my bank & they were No help. Now I am stressed the f&^* out about this because I am thinking of all the interest & penalties that I'll have to pay. what should I do & is this happening to anyone else? I don't want to call the IRS and waste my time in case this is just some glitch they have?please any advice would help
 

rajneet

Company Director, EA
Staff member
So, you can set up direct debit payment plans with the IRS. Did you submit From 433-D to set up the direct debit? The IRS will not approve the direct debit without this form. If you did, you need to call the IRS and find out why the payment has not been debited out of your account. Good Luck!
 

rajneet

Company Director, EA
Staff member
The point is to pay back the taxes owed if you don't qualify for any other resolution so the IRS will not enforce any collection action against you.
 

pilotg205

New member
whats the point of these payment plans? what is this for
LOL its so u can pay back the debt u owe. the irs takes away part of your paycheck and puts holds on your bank accounts on hold if you don't pay hem back. and its normally a huge amount so the payment plan is the easiest thing to do duh
 

rajneet

Company Director, EA
Staff member
agreed, if you have the ability take care of your back taxes, you should. the IRS will eventually use enforcement action to collect on the back taxes.
 

larymotrmn

New member
Yes, it is best to take care of the back taxes sooner rather than later. Nobody wants to be in a situation where they are paying up to 47.5% in interest and penalties. Did you get confirmation from the IRS that the direct debit was received? If not, check with them to make sure they have the 433-d. The IRS has been affected by Covid and it has been taking them longer to process forms so they may not have gotten to your submission yet.

Good luck!
 
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