Installment Agreements

One option for those taxpayers who owe the Revenue Service certain amounts, and cannot pay in a lump sum is to initiate a voluntary payment arrangement. Those payment arrangements are called Installment Agreements (hereinafter β€œIA”). The big difference between a formal IA and just sending money in every month is that the Internal Revenue Service will continue with collection actions, such as levies, if a taxpayer is just sending money in without the formal IA. If the taxpayer is able to establish that IA, no further collection actions will be taken by the IRS as long as all payments are made timely.

Who Qualifies For An Installment Agreement?

Taxpayers with a federal IRS debt under $10,000 should be able to initiate a reasonable monthly IA without the help of professionals, from Regal Tax & Law Group, PC or anywhere else. Taxpayers with a larger debt frequently need our help to get this IA established and to get IRS collections to back off while documentation is being gathered, forms completed, and an entire submission package collated. Without our help, many taxpayers find themselves agreeing to payment schematics that are not affordable in the long term, and defaulting on this type of arrangement is not viewed kindly by the IRS. Its best to establish a monthly payment that you can afford, even if the car breaks down or the kids decide they absolutely must go to karate school.

Get Help From A Tax Professional

Many times, Regal Tax & Law Group, PC is able to establish a lower dollar monthly arrangement for a taxpayer for a particular period of time, such as 12 months, to allow that person some breathing room to get back on their feet. If the IRS is asking you to commit too much of your monthly budget to a payment, call Regal Tax & Law Group, PC to day for a no cost and no obligation consultation. Remember, you do not pay a dime until we figure out if there is something we can do for you.