How does IRS installment plan work?
If you are a business owner struggling with expenses, enforcement could cause the demise of the business that you have worked so hard to build. If you are an individual, enforcement could eliminate your ability to provide the basics for yourself and your family.
In addition to these ramifications, if an Installment Agreement is defaulted, the government will be less inclined to agree to another Installment Agreement in the future. Therefore, it is extremely important to get the Installment Agreement done properly on the first try.
Our staff has extensive experience in negotiating Installment Agreements and assisting taxpayers with the paperwork that is necessary for obtaining an Installment Agreement. We can assure you that we will NOT set you up for failure by agreeing to monthly payments that you cannot afford.
After we negotiate a manageable Installment Agreement on your behalf, we will stay by your side and protect you from default. We understand that unexpected expenses may “pop up” in the future and that there may be a month or two in which it is difficult or impossible to make your installment payment. Rather than defaulting your Installment Agreement and exacerbating your tax problem, simply give us a call before your payment is due. Chances are, we can negotiate an extension for your payment or even make arrangements for you to “skip a month” without having your Installment Agreement default.
For more information, refer to our article on Installment Agreements.
Attorneys vs Accountants
Which is Best for You?
Over my many years representing taxpayers who are in collections, I have negotiated hundreds of IRS and State Installment Agreements. During this time, I have developed a list of important information I need from my clients in order to negotiate the best possible monthly payments for my clients’ unique conditions. Here, I will share my
Benjamin Franklin once said that nothing is certain in this life but death and taxes. I’ll agree that none of us will cheat death. But I may quibble with Mr. Franklin on the issue of whether or not you have to pay all of your taxes. Under the right set of circumstances, full payment of
OK, so you’ve negotiated an IRS Installment Agreement for your IRS tax liability, and can finally breathe easy because you will not have to deal with your Revenue Officer anymore. Time to celebrate, right? Not so fast. IRS employees frequently tell me that the vast majority of Installment Agreements default before the balance is paid
Earlier this year, I received a voice message from a producer for a television show called Moving America Forward, hosted by William Shatner. The message stated that they were interested in speaking with me about possibly appearing on their nationally broadcasted television show. Moving America Forward Interviews Fortress Financial Services I was intrigued to say
Resolving a serious tax liability, whether by way of an Installment Agreement, Offer in Compromise (OIC), or Currently Not Collectible Status, is often a painstakingly difficult, time-consuming, and stressful process. So, the last thing anyone who survives this process needs is to wind up defaulting their agreement. It’s really bad news. Not only will the
Answer: Depending upon the specifics of your situation, it may be possible to avoid hundreds, or even thousands, of dollars in penalties simply by “designating” IRS installment payments applied toward your tax liability. Keep in mind that payments made in accordance with a formalized installment agreement are not considered voluntary, so you have no right