What are Installment Agreements?
Installment Agreements, or monthly payments in a payment plan, may be the way to go if you can’t pay the full amount you owe the IRS or if you don’t qualify for an Offer in Compromise. The IRS would prefer taxpayers pay what they owe sooner and at one time, but for many, this is not an option. Usually, an Installment Agreement will allow you to pay your outstanding taxes in smaller, more manageable payments.
Beware that the IRS may file a Notice of Federal Tax Lien against you, though they can’t seize your property or your wages while an Installment Agreement request is pending, in effect, or for 30 days after an Installment Agreement request has been rejected. The IRS will also ask for a personal financial statement and if you own a business, a business financial statement will be requested.
At the law offices of Eric Lundquist, we have the knowledge and the experience necessary to assist you with setting up installment agreements. Dealing with tax problems can be one of the most stressful times of anyone’s life; don’t handle it alone – you need a tax lawyer who specializes in tax law and has experience in helping people get rid of their IRS problems.
Don’t delay in seeking help. Your rights as a taxpayer can be waived if you fail to take timely action.
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