What is Installment Agreement
An installment agreement is one way of paying the taxes that you owe. An IRS Installment agreement can be available to individuals and businesses. Installment agreements are based on financial information that is provided to the IRS. There are several different kinds of installment agreements available to taxpayers. An Installment Agreement may be based on the amount of taxes owed ($50,000 or less) or your current financial condition. The IRS uses forms 433-A, 433-F and 433-B to determine your financial condition and set the amount of your monthly payment. What information is provided and how your financial information is provided to the IRS is critical. Remember, the IRS agent’s job is to collect as much money from you in the shortest amount of time possible. Your lack of knowledge WILL be used against you.
Far too many taxpayers are placed into installment agreements that they simply cannot afford to pay. Before you agree to any payment plan with the IRS, a taxpayers with a tax debt should really consult with an experienced tax professional. Instead of making payments that may be impossible to keep, you may be eligible for Currently not Collectible status.
Before you agree to an IRS Installment Agreement, you may find out that you are eligible and qualified to settle with the IRS through an Offer in Compromise submission. You owe to yourself to find out what is available to you.
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