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Installment Agreements or monthly payments are a payment plan if you can’t pay the full amount you owe the IRS or if you don’t qualify for an Offer in Compromise. The IRS prefers taxpayers to pay what they owe in a short period of time or at one time, but for many, this is not an option. Usually, an Installment Agreement will allow you to pay your outstanding taxes in smaller, more manageable payments. Installment Agreements require equal monthly payments to the IRS. Then, the IRS will consider your ability to pay before considering how much you owe when determining your monthly payment amount. Sometimes, borrowing money from other sources with smaller interest, like a line of credit from the bank or credit card cash advances is more beneficial in the long run since the Installment Agreements can be levied with IRS interest and penalties. Interest from a second mortgage or home equity lines of credit may be also tax deductible. To be granted an installment agreement, you can not have a substantial amount of cash in checking, savings, money market, brokerage accounts, or IRA/pension accounts that would be adequate to pay the debt.
First, to qualify for an IRS payment plan, all tax returns that are due must first be filed. Secondly, the IRS will determine monthly expenses they will allow you, which are matched with actual monthly expenses. The payment to the IRS will be the difference between your monthly income and your allowable monthly expenses. While an Installment Agreement request is pending, or in effect, or for 30 days after an Installment Agreement request has been rejected, the IRS may file a Notice of Federal Tax Lien against you, though they can’t seize your property or your wages. The IRS will also ask for a personal financial statement and if you own a business, a business financial statement will be requested. The IRS will require that all tax returns have been filed and that you truthfully disclose all assets that you own. Once you start with monthly Installment Agreement payments, it will continue until the outstanding tax liability is paid off.
At Tenina Law, Inc., we have the knowledge and the experience necessary to assist you with setting up Installment Agreements. Dealing with tax issues is extremely complicated and stressful. you need a tax lawyer who specializes in tax law and has experience in helping people get rid of their IRS problems
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