Subject: Request for Payment Plan concerning Default — Urgent Attention Required [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to address a financial matter that requires your immediate attention. It has come to my attention that I am currently facing default on a payment owed to your esteemed organization. I deeply regret that I find myself in this challenging situation, and I assure you that my intention is not to evade my financial responsibilities. However, due to unforeseen circumstances [explain the reason for default briefly], I have encountered severe financial difficulties that have made it impossible for me to meet my obligations as agreed upon. Understanding my liability and willing to rectify this matter promptly, I kindly request your understanding and cooperation in allowing me to propose a payment plan that will help me settle the outstanding balance without further delay. To demonstrate my commitment, I have analyzed and prepared a viable repayment plan, taking into consideration my current financial situation while acknowledging my responsibility to honor my debt. Enclosed with this letter, you will find a detailed outline of the proposed payment plan, which offers a realistic and manageable approach to settle the outstanding balance in small, regular installments. I kindly request you to review the enclosed payment plan thoroughly. I believe you will find it fair and reasonable given my present financial hardship. The proposed plan will enable me to repay the defaulted amount systematically, ensuring that I honor my commitment while also maintaining my financial stability. Please be assured that I have taken several steps to improve my financial situation and prevent any future default. I am dedicated to resolving this matter amicably and reinstating my credibility as a dependable customer of your organization. I kindly request you to respond to this letter and confirm your acceptance of the proposed payment plan within [mention a reasonable timeframe]. Your prompt response will allow me to organize my finances accordingly and make the initial payment as per the agreed plan. I am grateful for your understanding and compassion in this matter. I am confident that with your cooperation, we can reach a mutually beneficial resolution and put this default behind us. Thank you for your attention to this urgent matter. I eagerly await your positive response. Sincerely, [Your Name]
Guam Sample Letter for Request for Payment Plan concerning Default
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IRS Definition fail to pay an installment payment when due under the terms of an agreement; fail to pay another tax liability at the time such liability is due; Note: This includes related TINs for the same taxpayer.
What if I am not eligible or unable to apply or revise a payment plan online? Individuals can complete Form 9465, Installment Agreement Request. ... If you prefer to apply by phone, call 800-829-1040 (individual) or 800-829-4933 (business), or the phone number on your bill or notice.
The IRS sent Letter 2840C to notify you that an installment agreement has been set up, and show you the payment amount, due date, and payment address. This notice also includes instructions on how to make out your checks to ensure proper credit.
A payment plan is an agreement with the IRS to pay the taxes you owe within an extended timeframe. You should request a payment plan if you believe you will be able to pay your taxes in full within the extended time frame.
When you request an IA using the form, generally, you'll receive a response from the IRS within 30 days notifying you of whether the IA request was approved or rejected. An assigned IRS employee may also contact you and request financial records to verify the amount you've requested to pay.
If you can't pay your tax bill in 90 days and want to get on a payment plan, you can apply for an installment agreement. It may take up to 60 days to process your request. Typically, you will have up to 12 months to pay off your balance.
The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or smaller refund. We have a question about your tax return.
IRS Form 2159, Payroll Deduction Agreement, is a tax document to set up an installment agreement, a form of tax debt relief that allows taxpayers to make monthly payments on their federal tax debt by having funds withheld from their paychecks and sent directly to the IRS.
