Hi my hubby and I are being audited, quite a mess, but it seems we will owe the IRS some money and may have to make payment arrangemnets. Will this go on our reports? We have worked so hard on getting our credit in good standing, I would hate for this to screw it all up again.
RE: Will taxes owed be on cred I don't think the Federal Gov't reports payment agreements to CRA's, but tax LIENS appear and remain forever if unpaid, even if by state law they become uncollectible from lapse of time.
RE: Will taxes owed be on cred No, it won't go on your credit report. I owned the feds money (or they said I did and I disagreed) and it took 5 years to pay them. They took my refunds each year but never reported it to the credit bureaus. Now the State is different. I make payments, even payed them off earlier than agreed and it is still showing up as not payed on report. I think I am going to dispute it.
RE: Will taxes owed be on cred Mom The payment agreement you arrange with the IRS will not show up on your credit reports. As a general rule, if you owe less than $10,000, the IRS will agree to a payment plan, but be warned that interest and some penalties continue to accrue on the unpaid balance. One word of caution here is to never and I mean never be late or break your payment agreement as the IRS is very quick to garnish wages in some cases. Also to setup the payment plan, it will cost you $43.00, which they will graciously tack on to your bill. Regards, JP
RE: Will taxes owed be on cred Bless their hearts DSL Coming Today JP! yehaw JP wrote: ------------------------------- Mom The payment agreement you arrange with the IRS will not show up on your credit reports. As a general rule, if you owe less than $10,000, the IRS will agree to a payment plan, but be warned that interest and some penalties continue to accrue on the unpaid balance. One word of caution here is to never and I mean never be late or break your payment agreement as the IRS is very quick to garnish wages in some cases. Also to setup the payment plan, it will cost you $43.00, which they will graciously tack on to your bill. Regards, JP
RE: Will taxes owed be on cred Thanks JP, I am not sure if and what we will owe, it is kinda up in the air at the moment!!
RE: Will taxes owed be on cred No problem Mom, if you have questions let me know. I've got a few resources in the IRS that have been there for 20 yrs, so they can help answer most questions. JP
RE: Will taxes owed be on cred Thanks JP, I really need some advice. You can email me at Airann23@aol.com. Thanks
