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|  | Installment AgreementsInstallment Agreement plans are payment plans which allow you to spread out your payments to the IRS. Installment Agreements can be structured to spread out the total due over a maximum of five years. An Offer In Compromise AlternativeThe fact is, many individuals do not qualify for an Offer In Compromise. It's as simple as that. But, those who have been rejected can receive some tax relief through the IRS' version of a payment plan - an Installment Agreement. By negotiating with the IRS, and determining that your liquid assets (such as cash or savings) are insufficient to pay off your tax debt, the IRS many allow you to pay off your debt with installments. The Installment Agreement ProcessWhen you are negotiating to ensure that your Installment Agreement proposal is accepted, the IRS will ask about your income, expenses and assets. IRS representatives then use this financial information to determine the amount of disposable income you have available, and thus create a schedule of payments. Our professional advisors arrange and negotiate a tax payment plan which enables you to pay off your tax debt at an affordable rate. Because many taxpayers have difficulties settling their tax debt in one single payment, the IRS will accept payments on a monthly schedule which can last over five years. The NegativesThe downside to Installment Agreements is that with them, the IRS continues to accrue penalties and interest on your total tax amount due. However, in some cases we can negotiate to have the penalties and interest removed from your agreement. The sooner you contact us, the sooner we can resolve your tax problems and help you receive the tax relief you are looking for. Contact us here for a free consultation and we will determine whether an Installment Agreement will work well in your situation. |  |
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