Can I get an Installment Agreement for my tax debt

It is really stressful when you realize you owe the IRS when you prepare your tax return or when you get notices from the IRS. How are you going to pay that tax bill? There are a few types of Installment Agreements that you may benefit from to resolve your tax situation with the IRS.

I help taxpayers all over the world to resolve their tax issues with the IRS. In each case it is required that you are currently in compliance with the IRS. So no matter which installment agreement may fit your situation or an offer in compromise, before requesting one of these options you have to be in compliance with the IRS, which means you must be current with filing your tax returns and making your tax payments.

Here are some of the types of Installment Agreements that we may be able to get you into.

  • Streamlined: The advantage of the streamlined installment agreement is that you don't have to provide detailed financials to apply for this arrangement. Qualifying for  a streamlined installment agreement depends on if you have been sent a notice from the IRS and if you have where your IRS notice came from. You may be able to qualify for this if you owe less than $50,000 and you can pay in full within 72 months. Or if you owe less than $100,000 and can pay over 84 months. Again it depends on where you are in the process with IRS notices and your situation. 
  • Regular: This will depend on your financial situation and if you can pay within the collection statute. This agreement will likely require that you disclose your the details of your financial situation.
  • Partial Pay: This may be an option if you can't pay in full with one of the options above. Under this arrangement if you qualify you may be able to set up an installment agreement based on your current financial situation and then your agreement will be reviewed periodically to see if you can afford to pay off the amount due faster. 

This is just a glimpse at what we may be work out for you with the IRS. In all these cases the first step is to get into compliance with the IRS. The IRS won't consider an installment agreement if you are not in compliance with filing your tax returns and making your required tax payments. If you are not in compliance I can help you get there and I can help you make arrangements to pay your IRS debts.

When resolving tax debts in addition to installment agreements you may also be able to benefit from an Offer in Compromise, Uncollectible Status, or even a bankruptcy.

To resolve your situation start now as it will only get more difficult as time passes. So let's get going. Contact me today using my email address listed below to arrange a phone conversation.

The CPA Superhero


Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.

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