An installment agreement with the IRS is a payment plan that enables taxpayers to settle their tax debt gradually. It’s a formal arrangement wherein the taxpayer commits to making regular monthly payments until the debt is fully paid. Installment agreements offer taxpayers a helpful way to manage tax debts, especially when paying the full amount immediately isn’t feasible. The IRS evaluates the taxpayer’s financial circumstances, including income, expenses, and assets, to determine eligibility for the agreement.
Tax professionals can conduct a comprehensive financial analysis to present the taxpayer’s financial situation accurately to the IRS. With their expertise in IRS policies and procedures, they can navigate the system effectively, identifying opportunities to reduce installment agreement payments or determine whether another program is more advantageous for you.
If you have any questions regarding which type of resolution agreement would be fit your situation please reach out for a consultation at (321) 837-3609.
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