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What are Payment Plans?

If you cannot pay your tax debt in full, the IRS may agree to let you pay it off gradually in monthly installments.

The IRS may be a difficult and impersonal entity to work with, but they are logical when it comes to collecting taxes. The IRS understands that it simply can’t take money that doesn’t exist. Allowing taxpayers to pay down a debt over time (as a form of tax resolution) can often be the easiest and best way for the agency to collect all the money it is owed. Additionally, since the IRS collects interest on past due amounts, they are not burdening themselves financially by allowing a taxpayer to pay them gradually.

Installment plans are often extremely viable options that work well for both the IRS and taxpayer. Though you will usually have to pay penalties and interest, setting up a payment plan through successful tax negotiation can get you back on track, eventually allowing you to become free of your tax debt. An installment agreement with the IRS can be either formal or informal. With an informal installment agreement, the taxpayer promises to make monthly payments in an agreed amount which will pay off his/her balance within two years. A formal installment agreement by contrast, is a written agreement in which the taxpayer promises to make, and IRS agrees to accept, monthly payments in a specified amount.

What do I do now?

Get Payment Plans set up with Tax Help

IRS collection personnel are generally reasonable people. If an IRS collection agent sets a taxpayer’s installment payment for an amount the taxpayer believes is too high, our experienced IRS Enrolled Agents can speak with the IRS collection agent’s supervisor.

The IRS allows numerous ways to arrange paying delinquent tax liabilities. At Tax Help, our goal is to set up a payment plan with the IRS that works for you; one that pays off your tax debt in the shortest amount of time, and keeps interest accumulation to a minimum. We are here to work on your behalf, so you can put your worries behind you and let us carry that weight to a successful conclusion for you.

Need to set up a Payment Plan? We’re here to help.

Schedule an appointment with us today to discuss your tax situation. We can get this handled together! If you would like to schedule an appointment with one of our tax professionals, click the button below to set up a free consultation.