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Installment Agreement
An Installment Agreement allows the taxpayer to pay her IRS liabilities over a set period of time.
Once the government and the taxpayer have agreed on a payment plan, the IRS must stop aggressive collection actions such as levies on her bank accounts or her wages. If the taxpayer keeps up-to-date with the proposed agreement, she will be able to continue her daily life without financial restrictions. However the taxpayer will accrue interest on her unpaid tax debts until they are fully paid off. In addition, tax liens may be filed against the taxpayer as part of the conditions within the Agreement she made with the IRS. This may depend on the amount of the tax liability.
If the IRS is demanding that the taxpayer makes a full payment or a payment plan that is too high for her to pay, we can help the taxpayer negotiate lower payments and help her with options to make the payments. Some of the payment methods available to the taxpayer are as follows:
- direct debits
- payroll deductions
- credit card payments
- checks
- money orders
- electronic Federal Tax Payment System
The IRS will not allow the taxpayer to begin a payment plan until all of her tax returns are filed. We can help the taxpayer prepare and file any and all necessary tax returns she needs to ensure a payment plan agreement is reached.
If the taxpayer finds that she cannot make the monthly Agreement and she doesn't qualify for any other kinds of tax relief, like an Offer in Compromise, we can negotiate having her IRS account listed as currently not collectible. This status designation means she will not be required to make any other payments and the IRS cannot attempt to collect from her.
If the taxpayer needs more information on Installment Agreements, we can provide her with a free and confidential consultation with one of our experienced tax professionals, tax lawyers, enrolled agents or CPA's. We can help the taxpayer by negotiating her payment plan and getting her the lowest monthly payment possible.