Installment AgreementPractice Areas
If you do not qualify for currently not collectible status but cannot afford to pay your tax liability in full you may be eligible to pay back your taxes in monthly installments. If the total amount of your tax liabilities is $50,000 or less you may qualify for a streamlined installment agreement. This means IRS will give you six years to full pay the tax, interest, and penalties. You must be current with all tax return filings and estimated tax payments before IRS will agree to an installment agreement. If you owe more than $50,000 in back taxes IRS will determine your ability to pay based on your monthly household income and the IRS allowable expenses. IRS will require you to prepare a collection information statement. Before giving any information to IRS call The Pless Law Firm, P.A. for a free consultation.