IRS Payment Plans | Fresh Start Installment Agreements
What is an Installment Agreement?
An installment agreement (payment plan) is generally the easiest solution to pay off any taxes owed to the IRS. A payment plan provides taxpayers the ability to pay their tax liability over a period of time in monthly installments that are affordable and reasonable. An installment agreement is a perfect option for taxpayers who are either unwilling or unable to pay their tax liability in full as it comes due and/or do not qualify for an offer in compromise or currently non-collectible status.
How will Dallo Law Group determine my monthly payment amount?
Determining how much of a monthly payment is appropriate for you will depend on an in-depth analysis of your financial condition. The lower your ability to pay, the lower the monthly installment amount will be– even if you owe a significant amount of back taxes to the IRS! However, your situation will have to meet a series of criteria. We are skilled in negotiating a low minimum payment with the IRS and we will put our tax experience and tactics to work for you! Contact Dallo Law Group to schedule a free consultation so we can determine if an installment agreement is right for you.
How long will I have to continue making monthly payments?
In general, installment agreements (payments plans) last until either (1) your tax liability is paid in full, or (2) the period of time that the IRS is legally allowed to collect a debt (statute of limitations) expires. Skilled tax attorneys are often times able to set up partial-pay installment agreements which expire before the tax liability is paid-in-full, and any remaining taxes owed at the end of the payment plan period is forgiven.
What are the benefits of an Installment Agreement?
The main benefit of an installment agreement is the ability of a taxpayer to defer payment of their tax liability and thus give you some breathing room as you settle your debt. Another significant benefit is that the IRS will cease all collection activities, including releasing any levies or wage garnishments, so long as you continue making installment payments under the terms of the agreement.
What other options are available for me?
There are several tax debt settlement options that may be available for you. Even if an installment agreement is not the right vehicle to settle your tax debt, you may still qualify for an Offer in Compromise (OIC) or Currently-Non-Collectable (CNC) status. Contact Dallo Law Group to schedule a free consultation to determine which tax settlement option is right for you!
How can Dallo Law Group help?
Dallo Law Group practices exclusively in the area of tax controversy and IRS collection matters and Installment Agreements (payments plans) are a significant part of our tax practice. We have the experience, knowledge, and technical know-how to produce the best settlement results for you. Unlike many of the nationwide tax resolution companies who advertise on the television and the radio, our local reputation and your satisfaction are of the highest importance to our firm.
Because determining the lowest minimum payment the IRS or other taxing agency may accept for the installment agreement depends highly on the specific facts and circumstances of the taxpayer, we take an individualized approach to every case and will conduct a thorough tax analysis to determine if an installment agreement is right for you. Contact Dallo Law Group to schedule a free consultation!