Setting Up IRS Installment Agreements

If you find it difficult to pay delinquent taxes right away, but have the assets and or income to pay the amount you owe over time, an IRS Installment Agreement may be the right option for you.  An Installment Agreement allows you to pay your tax debt in smaller, more manageable amounts. Compared to the IRS’ other programs, it is relatively easy to obtain an Installment Agreement, especially if you owe less than $25,000.  In order to enter into an Installment Agreement, you need to determine whether you have money left over after meeting your monthly living expenses to make installment payments. If you set up an Installment Agreement plan, you may choose either direct debit or payroll deduction as the payment options.

Pay What You Owe In Installments

Pay What You Owe In Installments

There are various types of Installment Agreements that allow you pay your back taxes over a period of time. Standard Installment Agreements, Streamlined Installment Agreements and Partial Pay Installment Agreements are some of the more common types.  If you owe the IRS less than $25,000 a Streamlined Installment Agreement is most likely the answer for you. This type typically involves less work than other Installment Agreements and therefore will cost less to obtain. In order to obtain an Installment Agreement, you need to have filed all prior year’s tax returns and remain in compliance during the time with which you are under the agreement.

Installment Agreement Is A Promise To Pay

Installment Agreement Is A Promise

A Partial Pay Installment Agreement may be the right choice for those who owe more than they are able to pay for the remaining statute of collections based upon their monthly disposable income.  In order to obtain a standard or Partial Pay Installment Agreement you will most likely need to disclose your financial information. The IRS wants to know your actual monthly income and expenses as well as assets in order to determine your ability to pay.  Your tax representative will assist you in filling out a Statement of Financial Affairs in order to create a financial picture for the IRS.  The IRS will approve an agreement if they are satisfied with the information set forth in the Statement of Financial Affairs and 3 month’s statements to backup of the information submitted.

Keep in mind that if you submit the information in a manner that does not paint the proper picture to the IRS, you will probably get a less than satisfactory result and find it difficult to resubmit the information again.

Make sure you call the Tax Resolution Institute when you are ready to proceed with an Installment Agreement.  We can get you back on the road to compliance.

Peter Y. Stephan

About Peter Y. Stephan

Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.

As the Tax Season Deadline Approaches, the Need for Effective Tax Resolution Services Is Now Greater Than Ever

The IRS Alarm On Your Tax Debt Is Today!

The IRS Alarm On Your Tax Debt Is Going Off Today!

Today is April 1, 2011, and the end of tax season is rapidly approaching. In fact, tax season is almost over and tax problems abound. The need for effective tax resolution services is greater than ever on account of the difficult economy that continues to squeeze dry both individuals and businesses. Nobody seems to be making as much money as they were in the past so why not cut corners when it comes to taxes. After all, if I don’t have the money to pay my income taxes, why should I even bother filing with the IRS? If my business needs to use the Trust Fund from the payroll taxes of my employees to cover necessary expenses, why can’t the IRS wait to get paid later in the year? After all, times are tough all over, and the American taxpayer needs help, both on the personal and the business level. Won’t the federal government listen to our pleas and help us?

Unfortunately, the answer to all of the above questions is a resounding “NO!” because the Internal Revenue Service simply does not care about your problems. As the largest collection agency in the world, the only goal and need the IRS recognizes is the goal of collecting all of the taxes owed and the need of the federal government of your money to cover the costs of expensive foreign wars and so much more. It’s not that the IRS does not like whiners and complainers who are begging for help. No, it’s that the IRS Revenue Officers are deaf to such sounds because all they hear is the shuffle of papers on their desk that need to be addressed because action is being demanded by their superiors.

If you are scared because you have a serious income tax debt that you have not paid or you have been taking liberties with the payroll taxes and ignoring the trust in the trust fund, you definitely are feeling the right reaction to such a problem. With thousands of new IRS Revenue Officers hired in the past year, they have been given the mission of making up the debt by collecting unpaid taxes that are owed to the government. Rather than finding new ways to save money, the federal government is coming after you with renewed force.

Uncle Sam Is Sending The IRS After Your Delinquent Income Taxes

Uncle Sam Is Sending The IRS After Your Delinquent Income Taxes

So what can you do — the answer is simple: Contact the tax resolution experts at the Tax Resolution Institute, and we will examine your case in detail to see if we can help you. If we can help you after the free consultation, then you are provided with a money back guarantee if we fail to do the job as promised. Our goal is to find a workable solution to your tax problem that ultimately leads to both peace of mind, meaning restful nights of comfortable sleep, and hope for your future financial security and viability. We want to get you back on the right track. So do not hesitate any longer and contact the Tax Resolution Institute. After all, your income tax problem is never going to go away and tax debts are compounded daily so it’s only going to get worse. If you need the best in tax resolution services, call toll free (800) 401-5926 today.

Peter Y. Stephan

About Peter Y. Stephan

Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.