An IRS Installment Agreement or IRS Payment Plan is an alternative to an Offer in Compromise (OIC), and is for those taxpayers who do not qualify for an OIC in settling their debt due to their income being too high. An Installment Agreement allows you to make monthly payments if you are not financially able to pay your tax debt immediately. The amount of your installment payment will be based on the amount you owe and your ability to pay that amount within the time available to the IRS to collect on the tax debt.
An alternative to the standard Installment Agreement and fairly new IRS program is the Partial Payment Installment Agreement (PPIA), where you only pay what you can afford. PPIA is for those taxpayers who cannot settle their debt because their income is too high for an OIC, but still cannot afford minimum monthly payments under a traditional Installment Agreement.
To properly set up an Installment Agreement or PPIA with the IRS, find the best IRS tax attorney to assess your federal tax debt and determine the least monthly payment amount the IRS will accept from you by evaluating all financial documentation. It is crucial that your Installment Agreement is submitted properly by an experienced Southern California tax attorney or the result could mean a rejection of your Installment Agreement or even worse, you may be forced to pay more than necessary. Please call Delia Law for tax debt help and for a no-cost tax attorney consultation at (619) 639-3336. We look forward to helping you.
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