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Make IRS Payments on an Estate Tax 706 Tax – Former IRS Agents

November 22, 2010
Written by: steve

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IRS Tax Law on this issue:
Estate Tax Installment Cases
This section contains background information and procedures for Collection employees who must perform actions on Internal Revenue Code (IRC) §?6166 Estate Tax Installment Cases.
1.IRC §?6166 provides an extension of time to pay Form 706 estate tax in two or more, but not exceeding 10, equal installments. It allows heirs a fourteen year period to pay estate tax attributable to an estate’s interest in a closely held business. It grants the estate a deferral period to make “interest only” payments for the first four years.

2. The prolonged IRC §?6166 estate tax installment plans are approved by the IRS non-collection functions and most are successfully completed with no collection function involvement. They should not be confused with the one year IRC §?6161 Extensions of Time to Pay Estate Taxes which are approved by Compliance.
Consideration made by the IRS: Service Actions to Ensure Payment When Granting Installment Privileges
1. The laws granting the Estate Tax Installment Election provide the Service certain options to secure eventual payment. These options include:
2.Requiring the estate to furnish a performance bond in an amount equal to the estate tax and interest being deferred.
3.Allowing the estate to substitute the filing of a special lien under IRC §?6324A (Form 668J) pledging their right, title, and interest to specific property to the government.
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Fresh Start Tax is one of the premier tax resolutions firms in the country. We deal with all types of civil cases including individuals, businesses, corporate and defunct corporations. We have staff that specializes in every facet of the Internal Revenue Service. We know all the IRS strategies. Some of our many specialties include the following:

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