Installment Agreements

The law permits you to request an Installment Payment Agreement which allows you to pay your tax liability over an extended period of time. This is the next best solution to an Offer in Compromise. However, unlike an OIC this will not permit you to reduce or compromise your tax liability. Additionally, while making the installment payments you are still accruing interest and penalties. However, the installment agreement usually permits you to pay the IRS debt in smaller and, hopefully, more manageable amounts. It is possible to negotiate payments that, upon proper justification, will start at one level and increase over time as your income increases. Generally an installment agreement is more costly to you because you pay all the tax liability plus interest and penalties; however, it may be your best solution in certain situations. For example, it is generally more appropriate for resolution of the Trust Fund Recovery Penalties as opposed to the use of an Offer In Compromise. In the event you believe an Installment Payment Agreement may be in your best interest we prefer to be involved while an audit is pending or while your case is in the hands of your local Revenue Officer. Assuming we are involved early enough we will appeal his decision and seek to implement an appropriate Installment Agreement. You may also qualify during this process to stop the lien and levy process.

Contact us now so that we may discuss this possibility with you. In order to facilitate resolving your tax problems complete the Assistance Form, E-mail: gcoulter@gctaxlawyer.com or phone us at: 1.888.5TAXLAW or 1.706.546.9755. You can also complete the Form 2848, Power of Attorney in order for us to start now on your tax solution!