IRS Installment Tax Plan
What is an IRS installment tax plan?
An IRS installment tax plan is a type of IRS payment plan. An IRS installment tax plan is an agreement you make to pay your overdue tax liability. There are many types of IRS payment plans, such as IRS business Payment Plan, guaranteed IRS payment plan, streamline IRS payment plan, IRS partial payment plan. Your attorney can explain the advantages of each option. If you can pay your debt over time, an installment plan may be the right solution. IRS Section 6159 provides a statutory right to enter into an installment agreement with the IRS.
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What is the most widely used IRS installment tax plan?
The most widely used method for paying an old IRS debt is the monthly installment agreement or IA. If you owe $25,000 or less, you should be able to get an installment plan for 60 months. If you owe less than $10,000, an installment agreement requires the full payment of the liability within 36 months. If you owe more than $25,000, you will need the assistance of a lawyer. In any of these cases, the Law Office of Christie Lee can help you and negotiate with the IRS an installment plan when necessary.
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What are the requirements for an IRS installment tax plan?
The IRS will approve an IRS installment tax plan if you are currently in compliance with all tax filings and payments. You must be current on this year' s tax returns. If IRS computers show that you haven’t filed all past due tax returns, you will not be eligible for an IA. Likewise, if you are self-employed, you must be current on your quarterly estimated tax payments for the current year. Finally, if you have employees, you must be current on payroll tax deposits and Form 941 filings to get an IA. You need professional help in securing an IRS installment tax plan. Ms Lee will help you meet the requirements to obtain an IRS installment plan.
Does an IRS installment tax plan offer options?
An IRS installment tax plan offers options such as partial installment agreement. If you owe taxes, penalties of more than $10,000 and cannot pay them, a partial installment agreement could be an option. The biggest drawback is that interest and penalties continue to accrue while you still own. If you have cash leftover after living expenses, you are in a position to negotiate a payment plan. However, if you have no leftover cash after living expenses, your options are submitting offers in compromise , or asking for a suspension of collection activities or filing for Chapter 7 bankruptcy. You need a lawyer to advise you. The Law Offices of Christie Lee will help and guide you.
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If you would like a free 1/2 hour consultation with our lawyer who is specialized in tax law. Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
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