INSTALLMENT AGREEMENT
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INSTALLMENT AGREEMENT
INSTALLMENT AGREEMENT
An IRS installment agreement offers taxpayers a structured payment plan to gradually pay off their tax obligation. Instead of facing the overwhelming burden of a large lump-sum payment, this agreement allows individuals to make smaller and more manageable payments. It provides financial relief while ensuring compliance with tax obligations.
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The IRS provides a range of installment agreements, each designed to accommodate different financial circumstances. These options cater to diverse needs and ensure easier repayment for individuals
Opting for an IRS installment agreement plan has several benefits. Firstly it allows you to pay off your debt in smaller regular amounts reducing the financial strain. Secondly, entering into an installment agreement can prevent the IRS from taking more serious enforcement action such as levies or garnishments as long as you comply with the agreed-upon payment plan. In some cases,it can even prevent a federal tax lien from being filed if one has not been filed. You must be current with filing of all your tax returns before an Installment Agreement can be approved and oftentimes, Form 9465 needs to be submitted to the IRS.
Navigating IRS installment agreements can be complicated but you don’t have to face it alone. Our experienced tax professionals at Lifeback Tax Relief understand the intricacies of these agreements and we are here to guide you through the process.
The IRS charges an interest rate on payments for installment agreements. These change every quarter and are calculated by adding the short-term federal rate and compound interest of 3% charged daily.
In case you find it difficult to make timely payments according to your fixed installment agreement plan, we can help you apply for a partial payment plan which requires small payments and a more flexible payment schedule. You may even qualify for an Offer In Compromise (OIC) program if facing financial hardship.
Our experienced tax professionals at Lifeback Tax Relief understand the intricacies of these agreements and we are here to guide you through the process.
Types Of Installment Agreements
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The Lifeback Tax team utilizes our 25 years of combined experience and in-depth knowledge of the tax code to represent clients before taxing authorities. Since the beginning, our organization was founded with the mission to alleviate taxpayers from the back taxes and provide the best structured tax relief resolutions allowed by law.
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