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If your tax debt has started to add up or if you have a large tax debt that you simply cannot pay in one lump sum, there may be an alternative solution for you. If you do not qualify for an online payment plan, you may be able to pay your debt in installments on a monthly basis. At Grand Law Firm, we can work with you to see if you qualify for one of these options in order to put a stop to IRS collection actions, such as wage garnishments and harassment. We are here to explain the process of seeking a payment plan or installment agreement from the IRS.
Our New Orleans tax debt relief attorneys have more than two decades representing clients in Metairie and the surrounding Parishes. To learn about how we can help, call us at (504) 608-5208.
Qualifying for an IRS Payment Plan
Falling behind on your taxes can be stressful in a number of ways, especially if a lien, levy, or wage garnishment is placed on you. Depending on your circumstances, you may be able to pursue a monthly payment plan. Individuals who owe up to $50,000 may be able to seek a payment plan.
You must agree to the following terms under a payment plan:
- Any future refunds will be applied to your existing debt (until fully paid)
- You must make all scheduled payments on-time
- You must file future tax returns and taxes on-time
- When your monthly payment is due, you must at least pay the minimum
What Is an Installment Agreement?
Many people do not qualify for payment plans but may be able to obtain an installment agreement, especially in the case that you owe less than $25,000. With an installment agreement, which is very similar to a payment plan, you can satisfy your tax debt with monthly payments. The way we apply for an installment agreement will depend on the type of tax you owe, such as local taxes, federal income tax, or state taxes.
There are several types of installment agreements:
- Non-disclosure installment agreements
- Tiered installment agreements
- Partial payment installment agreements
- Full-disclosure installment agreements
Negotiating IRS Payment Plans & Installment Agreements
Unfortunately, the IRS does not make the negotiation process for installment agreements and payment plans simple. It can be difficult to know if this type of solution is right for you or if you qualify. One important thing to keep in mind is that it is vital to negotiate the right installment agreement from the start. Getting a realistic installment agreement that is affordable is essential. If you agree to more than you can afford, you could default and the IRS may begin collection actions again. At Grand Law Firm, we are here to protect your rights and best interests during the negotiation process.
Contact our firm now at (504) 608-5208 for a free case consultation with a New Orleans tax debt relief lawyer.
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