An installment agreement is one of the options available to taxpayers who are not able to pay the taxes that are owed by the original filing deadline. The installment agreement is basically an arranged monthly payment plan between the IRS and the taxpayer to pay the balances owed within a certain timeframe. There are several types of installment agreements available to individuals and businesses, each with different requirements and benefits.
Prior to requesting an installment agreement, it is important to speak to a qualified tax professional to review your situation and insure that the amount of your tax debt is correct. If you have unfiled tax returns, it is possible that the IRS has overstated the amount owed by basing calculations on a substitute return which may not include any additional expenses or exemptions to which you may have been entitled.
Our tax professionals welcome the opportunity to assist you in filing back tax returns, determining the correct amount of taxes you owe, and reviewing your options with regards to payment plans.