INSTALLMENT AGREEMENTS
Having tax debt can be extremely overwhelming. You may think you do not have any options except for the seizure of your assets. This is not the case.
In most cases, if you do not qualify for an Offer in Compromise (OIC), you will be eligible for one of the installment agreements the IRS no matter the size of your tax debt.
The IRS has a statute of limitations of ten years to collect a tax debt from you, so if it is within that period, the IRS may negotiate a payment arrangement with you.
Some IRS installment agreements won’t require you to pay back all your debt. For larger tax debts, or if you cannot repay the debt within 60 months, you may need a professional tax consultant’s help. We can help you set up a repayment program to stop getting threatening letters from the IRS.
Types of IRS Payment Plans
There are four types of payment plans offered by the IRS:
- Partial installment agreements
- Discretionary installment agreements
- Streamlined installment agreements
- Guaranteed installment agreements
Streamlined installment agreements only work with balances up to $50,000.
A partial installment agreement allows the taxpayer to pay less than the total amount of tax debt owed. These agreements are based on economic difficulties and require documentation to back up the taxpayer’s hardship claims. If you are having payment plan issues, this may be an option for you.
A discretionary installment agreement may work if you owe more than $50,000 but cannot repay it within 60 or 72 months. We can negotiate an acceptable arrangement for both you and the IRS, allowing you to make lower monthly payments.
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