Having tax debt can be daunting and even overwhelming. You may think you do not have any options except the seizure of your assets. This is untrue. In most cases, if you do not qualify for an Offer in Compromise (OIC), you will qualify for one of the installment agreements the IRS has, no matter the size of your tax debt.
The IRS has a statute of limitations of ten years to collect a tax debt from you, so if it is within that time period, the IRS will negotiate a payment arrangement with you. And here’s a little-known fact: some IRS installment agreements won’t require you to pay back all of your debt. For larger tax debts, or if you cannot repay the debt within 60 months, you may need the help of a seasoned tax professional at our Chicago tax resolution firm. We can help get you set up in a repayment program so you will stop getting threatening letters from the IRS.
There are four types of payment plans offered by the IRS:
Streamlined installment agreements work with balances up to $50,000, while guaranteed agreements go up to $10,000. Even with these programs, a tax professional (attorney, CPA or EA) may be recommended if you cannot make the minimum payment that the IRS demands.
Note: the IRS and several states have experimented with Streamlined Installment Agreements for people with as high as $100,000 in assessed debt. These higher debt programs come and go, so taxpayers need to first check the availability and eligibility criteria.
In all Streamlined agreements, you may get some or all of your penalties and certain interest back if your petition for that is approved.
A partial installment agreement allows the taxpayer to pay less than the total amount of tax debt owed.These agreements are based on economic difficulties and require documentation to back up the taxpayer’s hardship claims. If you are having payment plan issues, this may be an option for you. With these types of arrangements, our Chicago tax relief firm will work with you to ensure that all the documentation is correct and negotiate an appropriate agreement with the IRS.
A discretionary installment agreement may work if you owe more than $50,000 but cannot repay it within 60 or 72 months. Our tax resolution firm in Chicago can negotiate an arrangement that is acceptable to both you and the IRS, allowing you to make lower monthly payments. A tax professional can help you make sure all financial claims are backed up and prepared for the IRS.
If you are having IRS payment plan issues, all is not lost. Whatever you do, do not just stop paying the IRS. The Tax Defenders has been working for 15 years helping people like you find a solution to their tax debt problems.
Amazing success and a great experience working with fantastic staff with incredible results and an extremely affordable price, would highly recommend working with the tax offenders in any tax matter.
I found Tax Defenders 2 years ago and have primarily dealt with Colleen N. From the beginning she was great to work with and really listened to my concerns and was never judgemental. Even today if I have any questions she is always helpful. I had several years of unfiled returns. They fought on my behalf to get my debt substantially lowered and I was put on a payment plan with the IRS with a very reasonable monthly payment. I've been a returning customer ever since because I feel confident with using The Tax Defenders. Thank you!
Where do I begin.. First, I have to thank George Diversley ... I had a IRS bill that was hanging over my head for years and afraid to call any of these companies for help.. but a few weeks ago I called Tax Defenders... today George lifted my burden of this tax ..with NO cost to me. This news is right up there with finding out you are going to have family. I can’t thank Tax Defenders enough for what they have done for me...and yes most definitely I recommend them.
I had received several solicitations from different companies. However this one stuck out because of its ratings. So I called this morning and spoke with an associate. I explained my situation in its entirety, and was very pleased with his response. He reassured me that I did not need to take any action at this time, explaining that he wasn't going to just sell me something I did not need. This honesty is hard to come by in the business world these days. Thank you for looking out for my best interest!
I had a payment plan with IRS. When I filed in 2014 I owned $14,256.68. At that time combined with previous years $66,977.46 was paying $701 a month. In order to keep it was asked to pay the 2014 amount. I was lucky to received a letter from THE TAX DEFENDERS showing an A+ rating from the BBB. I work with them. I am happy. Have a payment plan of $50 a month. I am giving them a 5 star review D showing an A+ rating from the BBB.
Very helpful in answering some preliminary questions regarding the process and possible options available.