Missouri Sample Letter for Request for Payment Plan concerning Default Subject: Request for Payment Plan to Address Default Situation [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Position] [Company/Organization Name] [Address] [City, State, ZIP] Dear [Recipient's Name], I hope this letter finds you well. I am writing to address an issue regarding my outstanding debt with [Company/Organization Name]. I regret to inform you that due to unforeseen circumstances, I have defaulted on my payment obligations. However, I am committed to rectifying this situation and would like to discuss the possibility of setting up a suitable payment plan. I acknowledge that my financial responsibilities should not have been neglected, and I take full responsibility for the default. I value the relationship we have built over time and wish to resolve this matter amicably. To overcome my current financial challenges, I propose a payment plan that will allow me to gradually settle my outstanding balance without causing any further strain on my finances. I have examined my current income and expenses to calculate a monthly payment that I can comfortably afford. Based on my analysis, I propose a payment plan as follows: Total Outstanding Amount: $XXXX Proposed Monthly Payment: $XXXX Duration of the Payment Plan: XX months I kindly request your consideration and approval of this payment plan proposal. I believe that diligent adherence to this arrangement will eventually settle my debt in full. I assure you that punctuality and timely payment will be given utmost importance throughout this process. While I understand the need for formal documentation, I request your assistance in preparing a written agreement or revised payment plan agreement that clearly outlines the terms we would mutually agree to. This will enable both parties to have a clear understanding of their obligations and avoid any future misunderstandings. I appreciate your understanding and willingness to work together to find a resolution that benefits both parties. I am confident that with your cooperation, we can successfully resolve this default issue and maintain the positive relationship we have established. Please contact me at your earliest convenience to discuss the proposed payment plan and any necessary arrangements to proceed. I am open to any adjustments or suggestions you may have to ensure a fair resolution. Thank you for your attention to this matter. I look forward to hearing from you soon. Sincerely, [Your Name]
Missouri Sample Letter for Request for Payment Plan concerning Default
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You can apply for a payment plan by calling the MO DOR at (573) 751-7200. Or, you can request an Internet Installment Agreement online.
Form MO-1040ES. Missouri follows the IRS standards for estimated payments. If you will owe $100 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments. It has to be at least 100% of the previous year, even if you think you won't make as much in the current year.
Statute of Limitations on Missouri Tax Liabilities The state has three years to assess additional tax. The clock starts on the later of the date you filed the return or its due date.
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.
What happens if you default. If you default on your payment plan, the IRS will send you one of two notices: CP523 or Letter 2975. These notices don't cancel your agreement, but they put you on notice that you have 30 days to act, or the IRS will end your agreement.
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. If you qualify for a short-term payment plan you will not be liable for a user fee.
Contact the IRS right away to see if you can reinstate your agreement. You may have to pay a fee to reinstate it or you may have to pay any new tax liability in full. Read your notice carefully ? it explains what to do now that you have defaulted on your installment agreement.
An addition to tax is imposed for failure to file or failure to pay. An addition to tax is imposed for failure to file by the due date at the rate of 5 percent per month, not to exceed 25 percent of the unpaid balance.
