IRS Payment Plans – Do You Qualify? Call 1-877-658-3477 To Apply |
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IRS Payment PlansIf you currently owe tax debts to the IRS, payment plans are available. The primary payment plans offered to both individual taxpayers and businesses are instalment plans or offers to compromise. While both options offer advantages to the taxpayer, most tax professionals will attempt to reach an agreement in terms of a partial payment instalment plan as it is less time consuming and often easier to achieve than an offer to compromise. A partial payment instalment plan involves the individual taxpayer making monthly payments to the IRS for the purpose of repaying their tax debts. |
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The payments do not constitute the entire tax debt owed, as once the individual completes their payment plan, the remainder of the tax debt will be forgiven by the IRS. This repayment option is available to both individuals and businesses. If the tax debt is less than $25,000, a 60 month repayment plan option may be an option, also referred to as a small dollar repayment plan.
If the individual tax payer opts to attempt to reach an Offer to Compromise, less than the original tax debt owed will be repaid by the taxpayer. This option is generally more aggressive in reducing the taxpayer’s overall debt, but more time consuming and difficult to receive agreement on with the IRS.
For more information about
your IRS Levy, contact one of our tax professionals at 1-877-658-3477.
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