Installment payment agreements with the IRS are associated with strict guidelines. They are also suited for taxpayers who have accumulated tax debt but have not paid what is owed. If you can avoid the tax repayment game, you will be in a better financial position. Whatever you do next, you must be quick in deciding about it. You should be legally informed so you can be sure that you will get fair terms to repay the tax debt.
Are you eligible for installment payment agreements?
As mentioned earlier, the IRS has set rigid guidelines for payment eligibility. These are the guidelines that can make you eligible for installment payment agreements:
- You do not qualify for a streamline installment payment agreement if the tax exceeds a certain amount
- You have to commit to the debt
- Your income tax returns should be filed and valid.
- You have to submit all the paperwork and meet the deadline for the application.
Now, if you have managed to get an installment payment agreement, you are not off the hook from the IRS. You need to pay all tax payments when they are due and in full. The IRS will make all the rules until you have paid off your tax debt. They will intercept any tax refunds using an approach similar to the Federal Treasury Offset program. When that happens, your tax refund will be seized and be used for your debt. If they feel that you are not taking the agreement seriously They may file a federal tax lien on your property until you have completely paid off your tax debt through the installation program.
What if you have been denied?
Of course there several reasons you might be denied for an installment payment agreement. If you are ineligible, you need to get an attorney to help you out. Our tax attorneys at the Enterprise Consultants Group will help you find the best options to reduce your tax debt including negotiating your instalment payment plan. If you opted not to contact a tax attorney, you would never have the chance to discover all possible options that you have to reduce your order or establish a highly beneficial installment payment plan.
Do not waste your time. Consult with one of the tax advocates at Enterprise Consultants Group today to help you get an installment payment agreement: 800-950-2237