Tax Resolution - Installment Agreement


Last week we discussed your potential options for resolving outstanding tax debt. Now we’re going to take an in depth look at one such option: an Installment Agreement. Streamlined Installment Agreements: As of May 7, 2012, taxpayers with a tax debt of less than $50,000, are eligible for the Service’s “Fresh Start” initiative. The IRS will agree to your offered monthly payment as long as it pays the tax debt off in 6 years or less. Guaranteed Installment Agreements: The IRS is compelled to accept offers for installment agreements if you meet the certain conditions and your tax debt is less than $10,000. Both types of agreements require that you have filed all required tax returns. The IRS also wants your promise to timely file and pay future tax returns. The greatest benefit of setting up an install agreement is that you avoid the very damaging effects of a federal tax lien. It is crucial that you contact an experienced tax professional to handle required negotiations with the IRS no matter how much your tax debt.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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