Ian Woodman Reviews IRS Form 9465-FS Installment Agreement Requests

Online, March 24, 2012 (Newswire.com) - After much anticipation from clients, Ian Woodman has announced Instant Tax Solutions findings after the firm's review of the newly created IRS Form 9465-FS. Ian Woodman says that the Form opens up an opportunity for thousands of taxpayers who are behind on their tax liabilities.

According to Ian Woodman, under the new guidelines, taxpayers with less than $50,000 but greater than $25,000 may now request an installment agreement from the IRS. Previous debt limits were set at $25,000, notes Ian Woodman. Additional stipulations on the new policy mandate that the funds must be debited directly from the requestor's bank account. Ian Woodman points out that the payment term has also been extended by an entire year to 72 months.

Ian Woodman also cites that, since the IRS is requiring minimal documentation, there will be less confusion and arduous paperwork involved. It appears, notes Ian Woodman, that a detailed statement of finances is not necessary under the new program. Those filing for a new installment agreement - and even those with current balances - under this option will simply attach the form ahead of the first page of their tax return, says Ian Woodman. The form will be mailed to an IRS office.

In related IRS news, Ian Woodman also hinted that the IRS is soon to update their Online Payment Arrangement system (IRS.gov). Ian Woodman speculates that the OPA system is currently being evaluated by the IRS's web development team and should accommodate the new guidelines soon.

The big question on everybody's mind, says Ian Woodman: Will the IRS offer more leeway on those with balances on the lower end of the spectrum? Ian Woodman certainly believes so and says that the IRS may suspend their current policy of putting an automatic lien on all taxpayers with $25,000 in delinquent tax debt. Woodman notes that the IRS will still continue to expect prompt payment on all accounts.

Ian Woodman's announcement serves as a bit of relief for taxpayers who have fallen on hard times since the economic meltdown a few years ago.

Ian Woodman is the cofounder of Instant Tax Solutions, a Post Falls, Idaho tax debt resolution firm. He and Byron Pedersen founded the firm in 2008, knowing that the tax industry needed honesty and transparency. Today, the firm serves taxpayers in all 50 states.