Payment Plans
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Payment Plans
There are several types of payment plans available, depending on your individual situation. A payment plan is an agreement with the taxing authority that allows you to pay taxes owed over an extended timeframe. You should request a payment plan if you believe you will be able to pay your taxes in part or in full within the extended time frame. With limited exceptions, a taxing authority is normally banned from levying when you request a payment plan (installment agreement).
We can help you determine which payment plan you qualify for. The most common types are:
Guaranteed Installment Agreement
A Guaranteed Installment Agreement (IA) is the most common method for handling tax debt. It is a monthly payment plan for taxpayers who owe less than $10,000 and can pay off their debt in less than three years. It is important to comply with the payment plan as failure to pay will result in potential levies against your property.
Stream-lined Installment Agreement
A Stream-lined Installment Agreement is similar to a Guaranteed Installment Agreement except that it is for taxpayers who owe up to $50,000 and can pay within six years. Again, failure to abide by the terms of the agreement can result in a potential levy.
Partial Payment Installment Agreement
A Partial Payment Installment Agreement (PPIA) is a monthly payment plan option for taxpayers with a tax balance who are unable to pay the balance in full. A PPIA permits you to pay a monthly amount, based on your ability to pay, for a set period of time, at which point any remaining balance will no longer be collected. An PPIA can prevent the IRS from conducting additional collection measures, including levies and seizures.
Contact Our Partners
DeSena Nickerson LLC.
Certified Public Accountants
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8 Point Plan to Resolving Your IRS Tax Problem
5 Questions
To Ask Any Tax Resolution Firm
Before Paying
Them A Dime
CLICK HERE
for our special
report on 7 things
the IRS doesn’t
want you
to know