Are you facing a tax balance that you can’t pay in a lump sum? Great news – the IRS offers options to pay your balance back over time through an installment agreement. Our team of Tax Professionals and review your case and work to secure a monthly payment that is manageable for you and your current financial situation.
If the IRS deems you have the “ability to pay” the balance due over time, there are options like the Fresh Start Initiative which allows taxpayers that owe under $50,000 to pay the debt over 72 months. Typically if a client qualifies for this, our team of Tax Professionals will also attempt to secure Penalty Abatements where we can still lower the overall balance.
Or maybe this debt seems like something you’ll never be able to repay in full – there is hope! Another option our team has been able to secure for our clients is called a Partial Pay Installment Agreement. Like it sounds, under this type of resolution, you won’t pay the tax burden in full. This is a financials-based resolution where you must prove to the IRS that you are unable to pay the tax balance due to financial constraints. The monthly payment amount is calculated based on the taxpayer’s monthly disposable income or money that is leftover at the end of each month after the IRS allowable expenses. Our team of Tax Professionals can assist in preparing a financial analysis and attempt to lower the monthly payment as much as possible. Once this payment amount is determined, the length of time you will have to make those payments is dependent on the Collection Statute Expiration Date. This date is when the balance on file with the IRS will expire or be written off the account. That’s right, the balance does not stay on file forever with the IRS. Typically, the IRS has 10 years from the time the balance comes on file to collect the debt, however, there are things that can extend those dates out. Our team has significant experience in negotiating these resolutions with the IRS and can find the best resolution for you!
Do you know if you qualify for these options? Set up a free initial consultation by clicking HERE or give us a call at (918) 747-7000 and ask for a free tax resolution consultation to get yours scheduled today!
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IRS Tax Resolution Roadmap
Meet with us to determine if resolution is the right path and what options might be available.
File power of attorney form and determine if all required returns are on file per IRS guidelines.
Prepare forms that outline all equity in assets and monthly disposable income (MDI) for the three most recent months.
Negotiate to secure resolution-based upon financial analysis.