INSTALLMENT AGREEMENT
What Are the Benefits of an Installment Agreement?
The most common way to pay an IRS liability is the monthly installment agreement, which comes in several variations. If you owe $50,000 or less, you might qualify for a payment plan for 72 months just by asking for it. If you owe $50,000 or more, you need to provide the IRS financial information to negotiate for a payment plan.
To qualify for an installment agreement you must file all tax returns that are due and, if self-employed, be current on quarterly estimated tax payments. If you have employees you must also be current on payroll tax deposits and 941 filings.
When you agree to an installment plan, you benefit from all of the following:
- Reduce your balance to manageable monthly payments
- Convenient online payment methods, if you qualify
- Avoid defaulting on your liability
Were You the Victim of Fraud?
If you were the victim of a fraud (like a Ponzi Scheme)or other financial damage, you may be able to recover up to 40% of your losses according to the United States Tax Code. An installment agreement can help you pay back what you actually owe, even if you have been defrauded by an unscrupulous scheme.
Our tax resolution lawyer in San Antonio, TX handles Installment Agreement cases.
In this day and age, simply making enough money to pay your bills and cover the essentials can be difficult. If you are drowning in tax liability or have been threatened by the IRS, you may be feeling overwhelmed and unsure who to turn to.
At The Law Office of Tony Ramos, P.C., our San Antonio tax attorney has 40 years of varied legal experience. This includes helping businesses & individuals like yourself seek resolutions for tax liability. If you owe $50,000 or less, you may qualify for a streamlined installment agreement with a term of up to 72 months without submitting a full financial disclosure; above that amount, the IRS generally requires a Form 433-A financial statement before setting a payment plan. The Law Office of Tony Ramos, P.C. offers personalized solutions to relieve your tax liability.
Need help with an Installment Agreement? Talk to our Tax Resolution Lawyer in San Antonio, TX!
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