It’s Not What You Owe – It’s What You Can Pay
If you cannot pay your tax debt right away, there is another option. You can break your balance up into monthly payments through an installment agreement. As long as you stick to the plan and eventually pay your tax debt in full, you can reduce or eliminate your payment of penalties or interest.
We can secure an agreement with the IRS to allow monthly payments on your tax liability. The agreement keeps the IRS or the State from levying, as long as the payment plans are followed and paid as agreed. Without an agreement, the IRS or State may take all but a small amount of your paycheck. They could also levy bank accounts and file liens on all of your assets, including your home. We may be able to combine an Installment Agreement with Penalty Abatement to save money and create a payment plan to get you time to pay the rest.
If you do not qualify for the Offer In Compromise program, a Payment Plan may help resolve your problem. Setting up a payment plan with the IRS allows time to pay your tax debt.
Unfortunately, IRS or the State continues to add penalties and interest to any unpaid balance. A major benefit of a well-negotiated plan is the level of payment takes into account your living expenses and provides protection from enforced actions. Additionally, they will release levies they have filed once your payment plan is approved. They will not file any new levies as long as you make the agreed upon payments.