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Submitted By: Martin
Answered: August 5, 2016 4:12 pm
Answered: August 5, 2016 4:12 pm
I’m currently under an installment agreement to pay an outstanding tax bill to the IRS. For 2015, I’m owed a tax refund. Can I collect it?
Probably not. As part of the installment agreement, you agreed to have any future tax refunds applied to your outstanding bill. Of course, if the amount of the refund exceeds what you still owe, you’ll satisfy the installment agreement and receive the balance of your tax refund.
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Tax Glossary
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
