Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
LETTER 1962C
Letter 1962C is an Internal Revenue Service (IRS) notice that informs taxpayers that their request for a direct debit installment agreement has been approved. This means that the IRS will automatically withdraw the taxpayer’s monthly installment payments from their checking account.
Reasons why it happened:Taxpayers receive Letter 1962C when they request a direct debit installment agreement with the IRS. This type of installment agreement allows taxpayers to pay their unpaid taxes in installments over a period of time, typically up to 60 months.
Reasons why taxpayers may request a direct debit installment agreement:
- To avoid penalties and interest on unpaid taxes
- To make it easier to manage their monthly budget
- To prevent the IRS from taking other collection actions, such as filing a tax lien or levying their bank account
Benefits of a direct debit installment agreement:
- Automatic payments: Taxpayers do not have to worry about remembering to make their monthly payments.
- Convenience: Payments are withdrawn directly from the taxpayer’s checking account, so there is no need to write checks or mail payments.
- Flexibility: Taxpayers can choose a payment plan that fits their budget.
- Peace of mind: Taxpayers can avoid the stress and worry associated with unpaid taxes.
Important Tip: Not sure where to begin? Try our Tax Relief Finder tool. It helps you find IRS programs and gives recommendations for the best solution. Learn about our - Tax Relief Program Finder
Important Tip: Understanding the Tax-Relief process is an essential resource for individuals dealing with tax debt. It offers a road map guide, simplifying the steps needed to resolve tax-related issues- Tax-Relief Process
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Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
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Disclaimer: This is educational content, not legal, accounting, or tax advice.
