Installment Agreement
An Installment Agreement may be the best way to resolve your Tax problems, especially if after a full financial review you don’t currently qualify for the IRS Offer In Compromise program. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts, at the expense of accruing interest and penalties. The Internal Revenue Service, of course, expects that you would make every attempt to pay your tax bill immediately, and in full. They have even designed their collection notices and sequence to attempt to intimidate you into finding a way to pay them now.
An Installment Agreement allows you to repay your tax debt over an extended period. Once you are current and compliant with your tax filings, we can request a payment agreement to be established based on your current ability to pay or, depending on your liability, streamlined as equal periodic payments over up to 72 months.
The advantages of an Installment Agreement include:
- It reduces long-term interest and penalties you might otherwise owe to the IRS
- You avoid unpredictable and debilitating collection actions such as a wage garnishment or a bank levy.
- A Formalized Installment Agreement will provide you with an End Date – giving you the advantage of knowing how many payments you will have to make and how long you will be paying back the IRS.
Do not rush into a payment plan you cannot reasonably afford without having a professional analyze your current financial position. Your team at Prodigy will work with you to construct a picture of your current financial position and use that information to negotiate the best possible outcome under the law.
If your assets or income rule out one of the more aggressive tax relief programs – We will work out an affordable Installment Agreement with the IRS that will stop the collection actions and help you eliminate your tax debt. You may still qualify for a reduction of the Penalties the IRS has charged. Contact Us for a full review of your IRS File and for a full review of your current situation. You have the Right to be Represented before the Internal Revenue Service.
If your personal financial situation doesn’t allow you to meet your necessary expenses and stay current on your tax obligations, you may be eligible for alternative options, such as Currently Not Collectible status, which prevents you from having to pay anything toward your debt for a certain period of time. It’s in your best interest to explore every available option and to do so with a licensed tax professional at your side. Click Here to Contact Us or call (844)208-7408 today. We specialize in Reducing and Resolving back Tax Issues.