Understanding Tax Installment Payment Agreements

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What is a Tax Installment Payment plan?

An IRS Tax Installment Payment plan is an agreement that you make directly with the IRS to pay your federal tax bill over an agreed upon, extended amount of time. There are two kinds of plans: short-term and long-term.

Usually, these arranged payments will be made monthly until you settle what you owe. If you keep up with the payment schedule, the IRS does not generally garnish your wages or seize any bank accounts/property. But an IRS tax installment payment plan does not remove the interest and penalties for the late payments.

Ultimately, the IRS will try to collect the full amount as soon as possible. And if a payment plan can not be set up, often the IRS will try to collect through wage garnishments, liens, levies or property seizures. These extreme actions can drastically impact you and your family, both financially and emotionally. 

You are not required to hire a third party to represent you. But, the IRS can be an imposing negotiator, and the process can prove difficult to navigate. In these circumstances, the best defense is often to propose an installment agreement with the help of a skilled tax lawyer rather than a tax resolution company.

If you hire a tax-relief company to help you settle your debt, you may have to give it “Power of Attorney” (POA) to apply for an IRS payment plan on your behalf. And caution is advised when dealing with a tax-relief agency. The following is a warning on the Federal Trade Commission’s website.

“The truth is that most taxpayers don’t qualify for the programs these fraudsters hawk, their companies don’t settle the tax debt, and in many cases don’t even send the necessary paperwork to the IRS requesting participation in the programs that were mentioned. Adding insult to injury, some of these companies don’t provide refunds, and leave people even further in debt,” it states.

We can Help You Stop Tax Levies, Seizures, Liens and Garnishments

Jeffrey L. Cohen, Attorney at Law, has more than 30 years of tax law experience and a Master’s in Tax Law from Emory University School of Law. As your attorney, he will help you to prepare a financial package and proposal to arrange monthly tax installment payments for the IRS. If they agree to the financial proposal, then levies, liens and seizure of your property will stop, as will any harassing phone calls or letters you may have received.

If you are unable to pay back the full amount you owe, attorney Jeff Cohen also can skillfully negotiate on your behalf for an offer in compromise. Or, if you have no extra income to pay monthly installments, Mr. Cohen can help you to file a “currently not collectable” status as a form of debt relief.

Contact Jeffrey L. Cohen Today

For a free, phone consultation with an experienced Atlanta tax installment payment agreements attorney, call Jeffrey Cohen today at 404-937-1414. Or, if you prefer to send an e-mail, you may do so using the secure online form on this website.

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