Tax Payment Installment Agreement

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tax payment agreement

Depending upon the taxpayer’s tax and financial situation, sometimes setting up an Installment Agreement is the best way for a business or individual to get back into full compliance with the IRS or state taxation authorities. An Installment Agreement, also known as a “payment plan” allows the taxpayer to pay back the taxes owed in monthly increments while being considered in good standing with the taxing authority. Moreover, the IRS and certain states may reduce certain penalties when a taxpayer enters into an installment agreement.

There are various types of installment agreements that require different payment amounts depending upon the financial situation of the taxpayer. Payment plans can defer on the type of tax involved, the term of the repayment, how the money is remitted on a monthly basis, and whether financial information is required.  Some payment plans require a small monthly payment until the statute of limitations expires and the remainder of the debt is cleared and others require full repayment in larger, but manageable monthly payments. The most popular type of IRS payment plan is called a Streamlined Installment Agreement, which is generally a payment plan up to 72 months for individuals owing $50,000 or less (statute of limitations permitting).

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How Our Installment Agreement Service Works

If our attorneys feel that an installment agreement is your best option, they will recommend you pursue one and we will help negotiate one on your behalf. We will analyze your financial situation and make a determination on which type of installment agreement would be most appropriate. First, we check to see if a partial payment installment agreement is possible in which a taxpayer can pay less than the total owed over time until the remainder of the tax debt expires. We will then consider a full payment installment agreement (various types of these as well) if you do not qualify for a partial payment agreement. Under this type of agreement, you will pay off the tax debt in full through monthly payments. Prior to negotiating your monthly payment amount, we will ensure that your balance is minimized through either amending your tax return(s), filing an original return if a Substitute for Return has been filed for you, Penalty Abatement, and/or Innocent Spouse Relief.

How Our Partial Payment Installment Agreement Service Works

The partial payment installment agreement (PPIA) was created for the financially troubled taxpayer that cannot make the monthly payment that is required with a standard installment agreement. Once a taxpayer is enters into a partial payment installment agreement, he or she is considered in good standing with the taxing authorities. With a partial payment installment agreement, there is a possibility that the Collection Statute Expiration Date (CSED) will pass prior to the total amount of taxes being paid. Therefore, the taxpayer will not end up paying the entire tax balance.  This is a great alternative if an Offer In Compromise has been rejected or if the taxpayer does not qualify for an Offer in Compromise.  Qualifying for this type of agreement requires a significant amount of financial data about your tax and financial situation. Before making a determination if you qualify, we will do a detailed financial interview  with you and cross reference your financial information with our computer models to determine which types of settlements the IRS or your state taxation authorities would consider for your situation.

Why Choose Us for Installment Agreement Help?

If an installment agreement is the best resolution for a taxpayer, our tax professionals will let you know and recommend this option over other courses of action. Our trusted tax professionals have many years of tax experience, which helps ensure our clients get the best outcome with taxation authorities.