IRS PAYMENT PLAN

If you don’t qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts.

Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.

Here are Three Fox Tax Tips on IRS Payment Plan options:

Fox Tax Tip #1: Get a Short-Term Extension

If you owe a relatively small amount that you can pay within 120 days, call the IRS to request a short-term extension of time to pay, more often than not, they will agree.

Fox Tax Tip #2: Request an Installment Agreement

If you need more than 120 days, you may be able to request an Installment Agreement. With an installment agreement, you, or your trusted Tax Advisor will work with the IRS to determine how much you'll need to pay each month.

Fox Tax Tip #3: Request a Partial Payment Installment Agreement

Sometimes taxpayers owe so much, that they simply cannot afford to pay off their entire tax debt in a reasonable period of time. As a result, the total remaining tax debt (including ALL penalties & interest) is forgiven.

However, obtaining the approval of a Partial Payment Plan, is a lot more complicated than a regular installment agreement.

So, you should consider speaking with one of our Experienced Tax Resolutions Professionals, and get yourself Pre-Qualified First.

If you are unable to pay the IRS in full and need to be sure you understand your payment plan options, click the green button below and schedule your free Tax Strategy Analysis Today!