One of the possible resolutions to your case is what is called an Installment Agreement. And it is what you think it is – the result of properly presenting your financial condition and negotiating an acceptable monthly payment [the important words in that sentence being ‘properly’ and ‘negotiating’]. It is to your benefit to have experienced, professional representation to present your case and negotiate the best possible outcome for you.
Below is a list of the more common installment agreement options available to taxpayers:
- Guaranteed Installment Agreements: owes $10000 or less (excluding penalties and interest)
- Streamlined Installment Agreements for $25000 or less
- Streamlined Installment Agreements for $25001 to $50000
- In-Business Trust Fund Express Installment Agreements
- Partial Payment Installment Agreements
- Other (Routine) Installment Agreements
Each of these options comes with their own set of qualifying conditions and requirements. Yet, all do share this requirement: if your payment is late, you owe more tax debt in the future or you do not meet all the terms of the Agreement, you will be in default and the Agreement will be terminated. Defaulting on installment agreements can making resolving tax debt more difficult in the future. If you can’t make scheduled payments it best to be proactive and determine the payment options available for your financial situation.
Strategic Tax Resolution can help with IRS and State Installment Agreements to ensure you do not pay a penny more than you should. Get an experienced CPA tax resolution professional on your case today.
One Last Thing
If you find yourself dealing with tax problems or facing unpaid taxes, Strategic Tax Resolution can help. We have the experience it takes to properly present your case and negotiate on your behalf to get the best possible outcome for you. Contact us or give us a call at 888-339-4914 for a free consultation. We’ll help you get on your #RoadToResolution.