Depending upon the amount the IRS believes you owe, deferment options may be available. If your case has escalated to the point of lien or levy, you’re likely desperate for an immediate solution. Knowing the IRS wants their money ‘now or else,’ you may feel forced to enter into what is called an “Installment Agreement.”
If you absolutely cannot pay the hefty lump-sum the IRS claims you owe, this potential option can feel like a sigh of relief. An installment agreement, of course, is your contract with the IRS to satisfy the interest-accruing debt by paying the IRS in incremental amounts, monthly.
In most cases, if you owe less than 10K or even 25K, the installment agreement option will be encouraged. You will be asked a series of questions. Your financial situation will be analyzed and assessed. A monthly payment amount will be strongly suggested. An amount of time will be given for you to complete the succession of uncomfortable payments. You will be asked to sign this agreement. ”Voilà!” You now have a new monthly bill—possibly a sizable one—and definitely one you dare not violate. The IRS is not the average bill collector.
Though this installment agreement is a welcomed solution to a dire situation, it still poses a new problem. If you are already in lean times, living from check to check, barely making ends meet, this additional bill can be a daunting new development in your life. Can you handle the payment without violation?
If you find disagreement with an IRS penalty, conclusion, or audit result, exercise your right to appeal. Get tax debt help to expertly petition for a new conclusion in your case. You need one of the best tax resolutions companies in the area on your side.
Call or contact us online today to schedule a free and confidential consultation.
Secure your financial future with legal tax solutions that work for you. Contact us today!
Secure your financial future with legal tax solutions that work for you. Contact us today!
