What are installment agreements?
This is a payment option for taxpayers who can’t pay their entire tax bill at once. The IRS will allow eligible taxpayers to catch up on their back taxes by giving them an option to pay in increments on a monthly basis.
An installment agreement will have you pay less in penalties but interest will still collect on the outstanding balance.
How does it work?
If you qualify, our tax professionals will look over your financial profile and budget to negotiate a reasonable payment arrangement with the IRS.
While the IRS can be an intimidating figure, at the end of the day they are still rational and logical. For this reason, they have setup this option to allow taxpayers an opportunity to pay off their tax debt gradually.
The IRS has five different structured payment plans, or Installment Agreements which are Guaranteed Installment Agreements, Streamline Installment Agreements, In-Business Trust Fund Agreements, Long-Term Installment Agreements and Installment Agreements on Specified Balance Due Accounts.
An installment agreement can either be formal or informal. In an informal installment agreement, the taxpayer promises to pay a predetermined monthly amount that will be complete at the end of two years. In a formal installment agreement, the taxpayer will formally sign a written agreement with the IRS in which he/she will make monthly payments in a specified amount until the debt is paid off in full.
The IRS will work with those taxpayers that qualify to arrange a way for them to pay their delinquent tax liability. Guardian Tax Relief will help you set up the payment option that works best for you and meets your tax relief goals!
If you are still unsure if you qualify for tax relief assistance, please give us a call!
We will help protect your financial future!
Receive an initial analysis of your specific tax issues with one of our tax professionals.
With your authorization, we obtain your IRS transcript for past personal filings.
We review and amend your past and current tax filings to be in compliance with IRS standards.
We provide a comprehensive assessment of your tax debt issues with recommendations to attain relief.
We negotiate with the IRS to reach a favorable resolution.