An Installment Agreement is a payment arrangement whereby the IRS allows you to pay liabilities over time. Once a payment plan is established, the IRS will not take enforced collection action, including the levy of bank accounts or wages, as long as you remain current with all filing and payment obligations. However, interest and penalties would continue to accrue until the outstanding balance is satisfied. Additionally, a tax lien may be filed as part of the terms of the installment payment agreement, depending on the amount of the total liability.
Understand your options and receive a tax consultation today. We’ll conduct a tax analysis based on your specific situation and present available solutions for consideration.
- Analyze your financial situation and help you decide whether an installment agreement would be appropriate for your situation.
- Ensure your balance is minimized through appropriate tax resolution measures prior to IRS negotiation.
- Submit your package to the IRS and negotiate your monthly payment and payback period on your behalf.
- Audit your annual Statement of Balance Due from the IRS to ensure you are receiving proper credit for every payment made throughout the year.
Q. What is required to be eligible for an installment agreement?
A. To be eligible for an installment agreement, all returns that are due must first be filed.
Q. What are the payment terms of an installment agreement?
A. Installment agreements generally require equal monthly payments. The amount of an installment payment will be based on the amount owed and on your ability to pay that amount within the time legally available for the IRS to collect. By law, the IRS has the authority to collect outstanding federal taxes for ten years from the date of assessment. We recommend you Schedule a Consultation with us to determine how we might help. We do not recommend contacting the IRS on your own.
Q. Are there other conditions in an installment agreement?
A. As a condition of an installment agreement, any refund due in a future year will be applied against the amount owed. Therefore, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. The IRS will automatically apply the refund to the taxes owed. If the refund does not take care of the tax debt; then the installment agreement continues until all of the terms are met.
Q. What is the cost of your Installment Agreement service?
A. Our IRS tax resolution fees are based on our flex-fee structure, and all costs are pre-approved by you when you decide to hire us. We offer payment plans, if needed, and set our fees so you do not have to worry about unexpected legal bills. There are no surprises, no add-ons. Because every situation is different, we recommend you Schedule a Tax Consultation so we can discuss your case in detail.
A. To be eligible for an installment agreement, all returns that are due must first be filed.
Q. What are the payment terms of an installment agreement?
A. Installment agreements generally require equal monthly payments. The amount of an installment payment will be based on the amount owed and on your ability to pay that amount within the time legally available for the IRS to collect. By law, the IRS has the authority to collect outstanding federal taxes for ten years from the date of assessment. We recommend you Schedule a Consultation with us to determine how we might help. We do not recommend contacting the IRS on your own.
Q. Are there other conditions in an installment agreement?
A. As a condition of an installment agreement, any refund due in a future year will be applied against the amount owed. Therefore, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. The IRS will automatically apply the refund to the taxes owed. If the refund does not take care of the tax debt; then the installment agreement continues until all of the terms are met.
Q. What is the cost of your Installment Agreement service?
A. Our IRS tax resolution fees are based on our flex-fee structure, and all costs are pre-approved by you when you decide to hire us. We offer payment plans, if needed, and set our fees so you do not have to worry about unexpected legal bills. There are no surprises, no add-ons. Because every situation is different, we recommend you Schedule a Tax Consultation so we can discuss your case in detail.