IRS Payment Plans, Installment Agreements & Monthly Payment plans
If you’re financially unable to pay your tax debt immediately, you can make monthly payments through an IRS installment agreement.
Before applying for any payment agreement, you must file all required tax returns.
Call us today for a free initial tax consultation and we will find out the payment plan that works best for you.
Before you enter into a payment plan you may want to find out if you consider your tax debt to the offer in compromise program which lets you settle your debt for pennies on a dollar. You must be an eligible candidate for this program.
The offer in compromise or debt settlement offered by Internal Revenue Service has a payment agreement section that lets you make payments to settle your tax debt.
DIFFERENT CATAGORIES of Payment plans, Payment Agreements:
- Those who owe under $25,000
• Individuals must owe $50,000 or less in combined individual income tax, penalties and interest, and have filed all required returns.
• Businesses must owe $25,000 or less in payroll taxes and have filed all required returns.
Small Businesses with employees can apply for an in-Business Trust Fund Express installment agreement
• These installment agreements generally do not require a financial statement or financial verification as part of the application process.
• Find out if you qualify and how to apply bu calling us today.
Understand your agreement & avoid default
• Your future refunds will be applied to your tax debt until it is paid in full;
• Pay at least your minimum monthly payment when it’s due;
• Include your name, address, SSN, daytime phone number, tax year and return type on your payment;
• File all required tax returns on time & pay all taxes in-full and on time (contact us to change your existing agreement if you cannot);
• Make all scheduled payments even if we apply your refund to your account balance; and
• Ensure your statement is sent to the correct address, contact us if you move or complete and mail Form 8822, Change of Address (PDF).
If you don’t receive your statement, send your payment to the address listed in your agreement.
There may be a reinstatement fee if your agreement goes into default.
Penalties and interest continue to accrue until your balance is paid in full. If you are in danger of defaulting on your payment agreement for any reason, contact us immediately.
IRS will generally not take enforced collection actions:
• When an installment agreement is being considered;
• While an agreement is in effect;
• For 30 days after a request is rejected, or
• During the period the IRS evaluates an appeal of a rejected or terminated agreement.
IRS Payments + Get a IRS Payment Plan to Make Monthly Payments
