IRS installment plan shows up on credit reports?
Posted in United States on 08/28/2008 08:46 am by admin
City-Girl asked:
Our Company made some mistakes and we now owe IRS money. We are in the process of cutting an installment plan with them. My question is this when we finish the documentation for the installament plan does this debt going to go on credit reports until its paid off? What about the company’s credit?
Will they file a tax lien if an installment plan is worked out? we owe about 14,000
BRETT
Our Company made some mistakes and we now owe IRS money. We are in the process of cutting an installment plan with them. My question is this when we finish the documentation for the installament plan does this debt going to go on credit reports until its paid off? What about the company’s credit?
Will they file a tax lien if an installment plan is worked out? we owe about 14,000
BRETT
08/28/2008 at 9:35 am
The agreement is confidential between the taxpayer and IRS. A Notice of Federal Tax Lien may be filed and it would show up on a credit report.
08/31/2008 at 10:43 am
No, Installment Agreements with the IRS will not show up on your credit report. You did not say how much you owe so it is hard to say if the IRS will file a Tax Lien. Usually if you owe less than $5,000 the IRS does not file a Tax Lien. If they do file a Tax Lien the IRS only files it in the county that you live in. The IRS does not report the Tax Lien to the credit companies but the credit companies will pick up the Tax Lien from your counties public records.