Are you saddled with an insurmountable bill for your back taxes? Installment agreements may offer a way out.
What Are Installment Agreements?
Installment agreements provide a way to pay what you owe to the IRS through monthly payments. For many taxpayers with large back tax bills, paying what is owed at one time is simply not possible. Installment agreements make payments more manageable and can be a viable alternative if you do not qualify for an offer in compromise or other tax liability relief.
Negotiating an IRS Installment Agreements
In order to qualify for an IRS payment plan, taxpayers must have filed all tax returns that are due. If you failed to file in a previous year, you must do so before you can execute and IRS payment agreement.
The IRS may still be able to file a Notice of Federal Tax Lien against you while your installment agreement request is pending or in effect. However, the IRS cannot seize your property, wages, or levy your bank accounts while the installment agreement offer is pending or while you are compliant with the terms of your installment agreement.
When you make the request, you may also need to disclose your assets, including cash and bank accounts, liabilities, income and expenditures. If your request is accepted, you will continue making your monthly payments until your entire tax liability is paid.
Much of the process of installment agreements is driven by the policies and procedures of the IRS, but there is room for interpretation and negotiation. New Jersey tax attorney Todd S. Unger has the experience and in depth knowledge of IRS policies and tax laws to help you walk away with an affordable installment agreement.
If you cannot pay the IRS, then a tax attorney can analyze your individual circumstance and advise and execute the best course of action. The Law Offices of Todd S. Unger, Esq. provides a FREE, no-obligation confidential consultation. To resolve your back taxes, complete the above contact form or call tax lawyer Todd S. Unger, Esq. today (855)-896-1566.