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Payment Plans, Installment Agreement (IA)
This program is for taxpayers and business owners who cannot settle their entire tax debt at one time and have the need to make payments. This provides valuable time to catch up financially, relieves you of the harassment and embarrassment of revenue officers and agents, and allow the taxpayer to map out a feasible solution. The IRS will almost always accept some type of payment arrangement for past due taxes as long as your total tax liability is below $25,000 total amount owed.
There are a number of different tax debt resolution arrangements that are available from the IRS. Obtaining the available resolution most favorable to you requires careful preparation and skilled presentation.
Call today to see if you qualify to have your tax debt placed on an "Installment Agreement" plan with the IRS!
Our team works hard and deligently to research all possible resolution:
- Detect Tax Errors
- Audit Reconsideration
- Tax Return Amendments
A thorough financial analysis review to determine specific resolution plan:
Additional information on "Installment Agreement"
You must have filed all tax returns. (It's OK to owe money but you must file)
You will need to disclose all assets owned including all cash and bank accounts.
You must not have adequate cash available in a checking, savings, or brokerage account to pay the IRS.
You must not have the capacity to borrow the amount owed to the IRS from sources like, 401k, Home Equity, etc
Assuming that you comply with the above list, then you can proceed to arrange for the repayment of taxes to the IRS. The negotiation with the IRS will either take place over the phone with the ACS (Automated Collection System), or in person with an IRS Revenue Officer.
The total dollar amount you owe usually dictates with whom the negotiations will be handled. Typically, IRS Revenue Officers are not involved in cases where the amounts owed are less than $25,000. Details of your financial records are not required, if you owe the IRS under $25,000 and have the ability to repay the debt with monthly installment agreements. If it was determine that you can repay the debt within 72 months, we secure from the IRS a repayment that is called a “streamlined installment agreement.” The Internal Revenue Manual makes these agreements simple and straightforward.
How to Setup a Payment Plan with the IRS?
If you owe less than $25,000 to the IRS, than you are considered a canidate to meet the "streamlined installment agreement". No detailed financial information would be required from you. Here is a simple step by step on how to arrange your very own streamlined installment agreement:
- Be sure all your tax returns are filed to be tax compliant.
- Total tax balances must be below $25,000.
- Divide total balances by 72 and you will come up with your monthly installments.
- Call the IRS at 1.800.829.8374 possible hold time 30 - 45 minutes.
Once an IRS agent is on the phone, let the IRS agent know that you would like to request to be placed on a streamlined installment agreement. At this point the IRS agent, would attempt to dig out additional personal information which you are not required to release under the streamlined criteria so just informed them politely that you are unaware that the streamlined installment agreement criteria required you to release any financial information.
If you would like to seek professional help on getting you approved for the an Installment Agreement, we highly recommend you to start with our Phase I process by calling us today at 1 (888) 202-6464.