What is an Installment Agreement?
An Installment Agreement (IA) is a monthly payment plan with the IRS to pay off a tax debt. There are two major types of Installment Agreements. The first type is one that will pay back the IRS the entirety of the back taxes. The other type, known as a Partial Payment Installment Agreement (PPIA), will pay the IRS some fraction of the entire debt back.
An Installment Agreement can also be used to settle Payroll Tax Debt.
What are some of the advantages of an Installment Agreement?
Installment Agreements can make it possible to avoid having a federal lien being filed against you, or having one already filed removed. Another benefit is that we can request first-time penalty abatement in certain cases. Also, collections actions like garnishments and levies can be stopped.
Common Installment Agreement Issues that we will help you avoid
- Defaulting your agreement by incurring new tax debts – We come up with a plan to ensure you understand how to have a successful tax future!
- Agreeing to a monthly payment that you can't afford. If you miss a payment, the IRS could cancel your agreement – We look at all of your financials to ensure we have a clear picture of what you can truly afford to pay. Then, we submit a report the IRS backing up our proposal with detailed information.
- If you have a seasonal cash flow, it may be hard to commit to a monthly payment amount – Again, we'll paint a clear picture to the IRS stating exactly why we believe you can only afford the amount we propose.
Can you help me if my Installment Agreement was denied?
Generally, yes. We have a very good success rate when dealing with the IRS appeals department.
Why shouldn’t I just file an Offer in Compromise?
In many cases, it’s just wasting time and also gives the IRS the ability to tack on additional time in which to collect from you.
Our first strategy is to determine if an Installment Agreement is the best solution for you, or if there is an alternative we think would work out in your benefit. Sometimes we even find that we have reason to suspect that the amount the IRS claims you owe is inflated!
We have a proven track record of success in helping thousands of taxpayers dig out of their tax troubles. With over 10 years of experience, we've developed a process. It works.
Contact us to set up your free, confidential consultation. Call us at 888-727-8796 or email email@example.com.