IRS Installment Agreement Services

We can assist in establishing a feasible payment schedule for your IRS/State obligations, striving to secure the most affordable installment plan available. Our goal is to protect you and your assets from garnishments, bank levies, or liens.

Check your eligibility for an Installment Agreement.

Taxpayers have the option to settle their tax debt with the IRS through an installment payment plan. While immediate payment is optimal to avoid accruing interest and penalties, which can escalate to 8-10% annually, an installment agreement is beneficial when a lump-sum payment is not feasible. There are four types of installment agreements available:

Non-streamlined payment plan
Partial payment plan
Streamlined payment plan
Guaranteed payment plan

See if you’re eligible…

Who Gets Approved for an Offer?

The IRS accepts an offer in compromise when it determines it’s the best way to collect the maximum possible portion of the outstanding debt. To determine an appropriate offer, it’s crucial to work with a tax professional experienced in this process and successful in securing approvals for clients with similar financial situations. Finding the right professional isn’t just about advice; it’s about finding someone tailored to your specific needs, whether you’re an individual, business owner, freelancer, or in another unique situation.

Additional Details to Note

If you don’t currently have a federal tax lien, one may be filed during the offer review process. Payments and assessments are extended during this period, and any nonrefundable payments replace existing installment plans you may have been following. The IRS offers an online self-help tool to better understand the evaluation process for offer applications and the criteria for compromise decisions.

Offers won’t be approved if you’re currently undergoing bankruptcy proceedings, as your tax debt may fall under the jurisdiction of the bankruptcy court handling your financial restructuring and discharge. Ensure any bankruptcy proceedings are resolved before pursuing an offer compromise with the IRS.

What Happens After Acceptance

Acceptance of the offer marks the beginning of your path towards resolution. It’s essential to adhere to all stages of the repayment plan to maintain its validity. Note that a federal tax lien remains until the payment plan concludes, so plan accordingly if the plan spans more than 12 installments in your financial and tax planning.

Seeking Assistance with Your Tax Debt

Navigating complex financial decisions like these requires informed guidance. Tax professionals are invaluable resources, providing insights to help negotiate the best possible terms with the IRS. If you’re considering an offer in compromise for current or past tax years, contact Tax Review Solutions today to explore options for settling your outstanding tax debt through a straightforward compromise.