As a former IRS Agent, this is by far one of the easier cases you can work for a taxpayer an have instant success. IRS Payment Plans can be fast and easy on the pocket book. If you contact a tax professional they can make this process very simple and easy. These agreements can range in cost from $1- 2500 depending on the firm and the time put in to close the case.
One of the critical elements of any and all payment plans with the Internal Revenue Service is that you must be current on all your tax return filings. IRS will never enter a payment plan with those delinquent in the filing of their tax returns both personal and business.IRS will check there computer system to verify that all tax returns have been filed.
The Internal Revenue Service is currently trying to modify payment agreements and make it easier on the public to obtain. Streamlined agreements seem to be the wave of the future and the IRS may be moving up the dollar amount to help more taxpayers acquire a 60 month payout. The latest findings of the Treasury General seem to indicate that this program has been a success.
According to the Treasury General ‘The streamlined installment agreement program has brought in large amounts of revenue with minimal work and Internal Revenue Service (IRS) processing, while decreasing taxpayer burden by reducing the amount of documentation required. In Fiscal Year 2010, approximately 3.1 million taxpayers ( that is a huge number of taxpayers ) entered into streamlined installment agreements.”
In the same period, approximately $5.9 billion was collected and 1.7 million taxpayers fully paid their liabilities through streamlined installment agreements.
IRS Payment Plans – Fast & Easy – IRS Insider, Former IRS Agents
A Streamlined Agreement is an agreement made by the IRS and the taxpayer for total balances under $25,000. That total includes all tax, penalties and interest.The balance must be paid within a period of no more than 60 months and the statute of limitations may not expire during such time. The taxpayers account may be in notice status or pre-assessment phase. The type of taxes involved for streamlined may be both income, personal and defunct business tax.
Know all your rights before contacting the IRS for any tax matter you may have. It is always best to have professional tax representation. It is always in the best interest of the taxpayer to retain former IRS employees who know all of the tax codes, procedures and settlement guidelines.
