Installment Agreements Solutions
Empowering Your Financial Future: Installment Agreements Solutions
Installment Agreements Solutions
FIND OUT HOW WE CAN HELP YOU WITH INSTALLMENT AGREEMENT OPTIONS FROM THE IRS
The resolution of most open IRS cases typically concludes in one of two ways: either through a Hardship Status or an Installment Agreement.
The IRS makes this determination by evaluating either a Form 433A or Form 433F financial statement provided by you.
Accompanied by the necessary documentation, the financial statement helps the IRS arrive at a decision.
Should your case not meet the criteria for hardship rules, an Installment Agreement may be implemented. This agreement is a payment plan that permits you to pay the owed amount over a designated period.
Although the IRS retains the right to periodically review the Payment Agreement, many agreements come to an end when the statute of limitations on the case expires.
WHY IS IT IMPORTANT TO GET A PAYMENT AGREEMENT AS SOON AS POSSIBLE?
- It stops the collection action against you;
- It allows you to make affordable monthly payments to the IRS;
- It gets your life back in order without the threat of IRS collection;
- IRS will release any levy they filed during the time they were working your case;
Find Out How We Can Help You With Installment Agreement Options From The IRS
THE STREAMLINE AGREEMENT
The Streamline Agreement can be acquired swiftly. The criteria for the Streamline Agreement mandate that the total tax due to the IRS must be under $25,000, inclusive of all penalties and interest.
Additionally, all your tax returns must be filed, with current withholding tax taken out or estimated tax paid, if applicable. Under the Streamline Agreement, the balance has to be paid within 60 months or before the statute of limitation time period expires.
Dreis Tax Services, a tax professional, can resolve these cases immediately. We are typically able to set up a Streamline Agreement within one hour.
One advantage of a Streamline Agreement is that no financial statement is required.
THE LONG TERM AGREEMENT
The long-term agreement is known by several names, including Installment Agreement or Part Pay Agreement.
For these agreements, the IRS requires a completed Form 433A or Form 433F financial statement, depending on the division working on the case. The ACS unit necessitates a 433F, while the local or large-dollar unit requires a 433A.
These cases are examined more meticulously and demand comprehensive documentation. The IRS will request bank statements, pay stubs, copies of all bills, and possibly even canceled checks.
Furthermore, the IRS will adhere to the National Standards Program, which permits only a limited amount of expenses per category. It is generally not advisable for the taxpayer to initiate this process with the IRS independently.
Unless you are accustomed to dealing with the IRS on these matters, it can be challenging to ascertain what they permit and what they do not. A professional can often negotiate a more favorable arrangement. The key to securing a good Part Pay Agreement is in the packaging. At Dreis Tax Services, tax professional, we excel at managing this process.
- Have questions about Installment Agreements? Feel free to email us!
- If the IRS filed a substitute tax return for you, we can assist!
- National Standards used by Internal Revenue Service on ALL cases.
Thank you for your interest. Please fill out the form to schedule a consultation about your particular tax problem.