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.