Ever Wonder Why a IRS Levy is Issued when You Thought You had a Payment Plan in Place?

US-WIDE, US-wide - June 19, 2013 - PRLog -- The most widely utilized option to resolve a prolem of oweing the federal or state government is via the payment plan route. Either the amount is too large to pay in full due to ridiculous penalties and interest accruing, (for not filing a tax return on time) or the household income warrants the ability to pay on a IRS or state tax debt with detemined a surplus household income.

Here are the following reasons why a payment plan can default;

1) Individual's failure to pay on an agreed upon payment agreement

2) Paid late on several occasions, FYI, a IRS late payment is considered a no payment for future reference

3) Failure to pay a tax liability at the time such liability is due

4) Failure to provide an information financial statement upon request

5) Failure to provide accurate or complete financial information prior to the date the agreement was agreed upon

6) Most unknown, when a payment plan is agreed upon the taxpayer is not allowed to have a balance owed at the next tax filing deadline, including extensions.

Notices of payment plan default is forwarded to the taxpayer, if not addressed, then notices of levy will follow.

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