IRS Payment Plan Default: What Happens If You Miss Payments

Episode Summary:

In this episode of *Resilience and Resolve* Lance Drury discusses the repercussions of an IRS payment plan falling apart. He highlights the critical implications of defaulting on agreements and offers insights into renegotiating new payment plans with the IRS.

Key Timestamps:

00:00 – Introduction

01:30 – Meaning of IRS payment plan default

03:45 – Common causes of payment plan failures

05:20 – Renegotiating agreements after default

07:10 – IRS response time to defaults

09:05 – Impacts of defaulted plans

11:15 – Handling defaulted plans efficiently

13:20 – Mistakes complicating plan repairs

15:00 – Repairing defaulted plans

17:30 – Precautions before IRS escalates

About the Show:

*Resilience and Resolve* is a podcast series hosted by Lance Drury, focusing on assisting individuals and small business owners in navigating IRS-related challenges. With over 30 years of experience, Lance aims to provide clarity and solutions in tax-related matters.