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Tax installment agreements can be one of the most effective ways to resolve your tax debt

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IRS Installment Agreements

Where you owe back taxes, a tax installment agreement can be one of the most effective means for resolving your tax debt. An IRS installment agreement allows you to pay the taxes you owe within an extended period of time. The IRS offers several tax payment plans depending on the circumstances of your case.

1. What Types of Tax Payment Plans Does the IRS Offer?

The type of IRS installment agreement that you are eligible depends largely on your ability to repay the tax. The simplest type of tax payment plan is a Short-Term Payment Plan which requires that you pay the full amount of your tax debt within 120 days. Short-term extensions are generally approved and have the added benefit of no application fee, although interest can continue to accrue.

A Long-Term Payment Plan allows you to make monthly payments over a period of time exceeding 120 days. The application fee for a Long-Term Payment Plan is lower where you set-up automatic payments. In certain cases taxpayers may be eligible for a Guaranteed Installment Agreement. A Guaranteed Installment Agreement is just that, you are entitled to a tax payment plan if certain requirements are met. In addition to paying off your debt over a period of time, the IRS will not take collection action against you.

The most advantageous option is a Partial Payment Installment Agreement. This type of tax installment agreement not only allows a taxpayer to pay off his or her debt over a period of time but offers a reduction of the outstanding balance. Typically, eligibility for a Partial Payment Installment Agreement depends on your ability to repay the debt. You will be required to complete IRS Form 433-F. Form 433-F is a financial statement that sets forth your income, expense and asset information. The only downside is that the IRS Installment Agreement will be periodically reviewed and may be terminated if your financial situation changes.

A tax repayment plan is one of the most effective tools for repaying your tax debt while stopping collection efforts. The process for obtaining an IRS Installment Agreement can be complex. We have experience assisting countless individuals and businesses with entering into such agreements. Please contact us today for a free consultation.

2. The Taxpayer Roadmap

This illustration of the modern US tax system at a very high level view shows the processes to get answers to your questions from filing to litigation. This illustration provided by the tax payers advocate service shows the complexity of the stages required to get answers to solve your tax issues. If you would like some help navigating through this process we are the experts you need to have on your side! Please contact us at 800-TAX-4200 to speak with one of our team specialist for a no cost or obligation review.

IRS Installment Agreements

Where you owe back taxes, a tax installment agreement can be one of the most effective means for resolving your tax debt. An IRS installment agreement allows you to pay the taxes you owe within an extended period of time. The IRS offers several tax payment plans depending on the circumstances of your case.
1. What Types of Tax Payment Plans Does the IRS Offer?

The type of IRS installment agreement that you are eligible depends largely on your ability to repay the tax. The simplest type of tax payment plan is a Short-Term Payment Plan which requires that you pay the full amount of your tax debt within 120 days. Short-term extensions are generally approved and have the added benefit of no application fee, although interest can continue to accrue.

A Long-Term Payment Plan allows you to make monthly payments over a period of time exceeding 120 days. The application fee for a Long-Term Payment Plan is lower where you set-up automatic payments. In certain cases taxpayers may be eligible for a Guaranteed Installment Agreement. A Guaranteed Installment Agreement is just that, you are entitled to a tax payment plan if certain requirements are met. In addition to paying off your debt over a period of time, the IRS will not take collection action against you.

The most advantageous option is a Partial Payment Installment Agreement. This type of tax installment agreement not only allows a taxpayer to pay off his or her debt over a period of time but offers a reduction of the outstanding balance. Typically, eligibility for a Partial Payment Installment Agreement depends on your ability to repay the debt. You will be required to complete IRS Form 433-F. Form 433-F is a financial statement that sets forth your income, expense and asset information. The only downside is that the IRS Installment Agreement will be periodically reviewed and may be terminated if your financial situation changes.

A tax repayment plan is one of the most effective tools for repaying your tax debt while stopping collection efforts. The process for obtaining an IRS Installment Agreement can be complex. We have experience assisting countless individuals and businesses with entering into such agreements. Please contact us today for a free consultation.

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