What is an Installment Agreement?
Installment Agreements are probably the most underrated resolution that the IRS offers. People hear the phrase “payment plan” and instantly recoil. Yes, an Installment Agreement is an arrangement to make payments on your past due taxes over an extended period of time, usually six to seven years. And yes, penalties and interest continue to accrue during that time. However, there is an incredible amount of flexibility when it comes to these plans. There are plans with tiered payments if you need a little time to adjust your budget. There are payment plans based on full financial disclosure. Or on the other end of the spectrum, a streamlined agreement may be the best option to avoid the IRS from poking around in your finances.
Why Real Tax Remedies?
To establish an Installment Agreement, taxpayers must first be compliant with tax filings and payments, which can be a battle in and of itself. We work with taxpayers step by step to get them into compliance with the goal to minimize their tax burden. Once compliant, we review and discuss your specific situation to confirm an Installment Agreement is the best option before negotiating with the IRS.
It’s important to remember that Installment Agreements are not set in stone. If at any point your circumstances change, you can contact us to discuss renegotiating your agreement. As long as the IRS is receiving payments of some kind, they are generally happy and more importantly they consider you compliant. That means you are not at risk for any adverse collection activity like a hold on your passport, garnishments, or levies.
An Installment Agreement can be a great solution to resolve your taxes owed. Schedule your free consultation today to find out if it’s the right fit for you.
Additional Services
Offer in Compromise
The IRS’s hardship-based settlement program
Currently Not Collectible
The IRS’s hardship program
Revenue Officer
An individual agent assigned to enforce maximum collection
Payroll Tax
Federal taxes associated with paying wages
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