IRS Installment Agreement
Have you filed your returns but were unable to pay the taxes due or just completed your return and owe more than you can pay? Don’t panic, we can help with an Installment Agreement or an Offer in Compromise. You do have options, but we must file the returns. If you don’t the penalties could be severe.
If you are currently unable to pay the full amount of your tax liability, but do not qualify for an Offer in Compromise we can contact the IRS and request an Installment Agreement to be negotiated.
We will review your monthly income and living expenses, and let you know what the IRS position is on “Allowable Expenses”. As you can expect, the IRS definition of living expenses and ours will be very different. With your approval, we will negotiate with the IRS to have them accept the Installment Agreement to repay your tax liability.
A negotiated payment plan is much more favorable than a Wage Garnishment, Bank Levy, or Asset Seizure. This agreement, after approval by the IRS, will allow you to pay your tax liability over a period of time rather than in a lump sum.
There is no collection activity by the IRS during the Installment Agreement process. However, should you ever default on your agreement by missing one payment, or failing to pay the liability from a future tax return, your agreement will go into default and collection action by the IRS will begin.
If you would like for us to negotiate a repayment term with the IRS and put a stop to collections, feel free to contact us at any time for a FREE confidential consultation.