The Internal Revenue Service (IRS) allows taxpayers to pay off tax debt through an installment agreement because not everyone will need an IRS Tax Lawyer to help them. Call if you do, but keep in mind that interest and penalties will apply and that the IRS encourages taxpayers to pay taxes immediately. Interest and penalties can equal 8% to 10% per year. Yeah. That’s right. If paying the entire tax debt all at once is not possible, an installment agreement is an alternative allowed by the IRS. The IRS has four different types of installment agreements: guaranteed, streamlined, partial payment, and non-streamlined. What is an Installment Agreement?To qualify for an installment agreement with the IRS, the taxpayer must meet the following conditions: Streamlined Installment AgreementIn most cases, a taxpayer that qualifies for a guaranteed agreement will also qualify for the streamlined installment agreement. A streamlined installment agreement has the following requirements:
It will usually take a few months for the IRS to review a proposed payment plan. The IRS may refuse a proposed agreement if it considers some of the taxpayer’s living expenses unnecessary, if untruthful information was provided, or if the taxpayer failed to complete a prior installment arrangement. Ways to Make PaymentsTaxpayers can make installment payments using the following methods: Free Consultation with a Utah Tax AttorneyIf you are here, you probably have a tax law issue you need help with, call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.
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