In a word, no.

Many taxpayers find themselves in a situation where they cannot pay their tax obligations for a particular tax year.  If that’s your situation, you can opt to make monthly payments through an installment agreement if you’re not financially able to pay your tax debt immediately. You can find out more about installment agreements at http://www.irs.gov/individuals/article/0,,id=243335,00.html.

However, if you are currently paying your tax obligation through and installment agreement, any refund due to you in a future year will be applied  against the amount that you owe.

Some facts about installment agreements and refunds:

• The IRS will automatically apply the refund to the taxes owed.
• You must continue making your installment agreement payments as  scheduled and in full because your refund is not applied toward your  regular payment, and therefore any payments due under the installment  agreement must still be made in full.
• Regardless of whether you are participating in an installment  agreement or payment plan with the IRS, you may not get all of your  refund if you owe certain past-due amounts, such as federal tax, state  tax, a student loan, or child support. For more information you can  contact Financial Management Service (FMS) toll-free at 800-304-3107.

If you have any questions about installment agreements or refunds you are owed, contact a tax professional.

Daniel Stoica Accounting Professional

Tax Topic 311 – Power of Attorney Information

As a Tax Professional I consider the Power of Attorney Information extremely important and relevant for myself and my clients.

I highly recommend that individuals and businesses become familiar with Form 2848, Power of Attorney and Declaration of Representative.

You have the right to represent yourself or have someone represent you before the IRS in connection with a Federal tax matter. If you want someone to represent you before the IRS file Form 2848 (PDF), Power of Attorney and Declaration of Representative, with the IRS office where you want your representative to act for you. Your representative must be a person authorized to practice before the IRS. Your signature on Form 2848 allows the individual or individuals named to represent you before the IRS and to receive your tax information. Refer to Topic 312, Disclosure Authorizations, if you want to allow a person to receive your tax information, but do not want this person to represent you before the IRS.