WHAT YOU NEED TO KNOW ABOUT INSTALLMENT AGREEMENT
Installment Agreement is made for taxpayers unable to pay their tax dues in full and is set up in the most affordable way you can. The payment should be based in one’s overall financial situation so you can settle your tax debts conveniently and in the shortest amount of time possible. Obtaining an Installment agreement plan can involve a lot of preparation especially with the forms that you need to fill out and completion of documents required. A tax attorney can effectively help you with the process so you won’t have to do it all by yourself.
IRS may not grant you with an Installment Agreement Plan if you owe more than $10,000, if it is going to take more than 3 years to pay the amount of tax debts and if IRS believes that you are capable of paying your taxes due in full. But every situation is different and you still can obtain a payment plan depending on how the negotiation is handled. That’s why you would need a qualified representation by a tax attorney to contend with IRS and get the settlement that suits your financial needs.
What are the requirements to get an Installment Agreement Plan?
- You must prove to IRS that you cannot pay the amount of taxes due in full.
- All tax returns have been filed and ensure that all future tax returns are filed and paid on time.
- You need to make financial disclosure to the IRS.
- You may be asked to sell an asset to raise money to partially pay your tax bill.
Installment agreements are made to provide solution to what could have been a long-term problem. This tax relief is one of the most effective ways to resolve tax debts and a very beneficial one to those who cannot pay their tax liabilities in full or in less than a year. IRS is not legally allowed to seize your properties while they are considering you for an Installment Agreement request or if your payment plan is on-going. If you have been denied for an Installment Agreement, IRS cannot enforce collection after 30 days or within the period wherein you were appealing for the rejection of the payment plan proposal.
This tax relief is much easier to accomplish if you have a tax professional by your side to guide and educate you on what your rights and options are. Instant Tax Solutions is comprised of qualified and experienced tax attorneys and lawyers, CPAs and IRS enrolled agents that can best help you in requesting for an Installment Agreement or any tax relief help you need. If IRS tax debts or any problem concerning IRS is frustrating you, get a free consultation from one of their tax pros today and find out what possible options you can utilize to resolve your tax problems immediately.