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The IRS, on a routine basis, grants installment agreements to businesses that have 941 payroll tax problems. Fresh Start Tax can get you that installment on your 941 payroll tax cases.
There are usually two types of installment agreements, those under $25,000 and those over.
Installment Agreements by the Internal Revenue Service under $25,000
In-Business Trust Fund Express installment agreements may be granted in certain situations. The criteria is set by the Internal Revenue Manual. Usually this amount is $25,000.00.
In order for you to qualify, the entire liability, including accruals, must total the amount in the IRM when the case is received in inventory. The taxpayer or the corporation may not reduce a liability that exceeds the amount in the IRM in order to qualify.
Taxes are to be fully paid in 24 months, or before the statue date expires, whichever is earlier.
If accounts qualify for In Business Express Agreements, see the following:
The IRS Collection Field function employees, Revenue Officers must make a field call to view assets and request full payment prior to granting an IBTF Express agreement.
No financial statement is required.
The IRS must input bank and receivables information to ICS, in case of a installment payment default. If a default is made on the agreement, the system self generates tax levies or tax garnishments to seize receivables.
A Federal Tax lien determination is required by Collection Field function employees, (no lien determination is required by Automated Collection System or IRS Offices, but federal tax liens may be filed if they will protect the government’s interest, such as if a property sale is imminent).This is strictly a judgment area so by kind to the Revenue Officer visiting the location.
No Trust Fund Recovery Penalty determination is required; however, the revenue officer must ensure that the Assessment Statute Expiration Date is protected. These agreements must take place before the statue of limitation expires.
Managerial approval is required because the managers look for the unusual. They can ask for much more detail on certain issues.
For those agreements over $25,000 IRS will require much more information and a much closer review of the corporation and the individual owners will be made by the IRS. It is best to call our firm to discuss in detail all the requirements IRS will need to grant the agreement.
