Installment Agreement

Installment agreement

If you want to get rid of your tax debt but can't afford to pay it off all at once, tax attorney Sandeep Singh can negotiate an installment agreement with the IRS on your behalf. An installment agreement is a good option for many people because it allows you to pay off your back taxes in monthly increments while remaining in good standing with the taxing authority. With Sandeep's help, the IRS may also reduce certain penalties once the agreement has been established.

How an IRS Installment Agreement Works

Similar to other payment plans offered by the IRS, any delinquent tax returns must be filed before applying for an installment agreement. When you’re ready to apply, StoneBridge Counsel will file IRS Form 9465 on your behalf to request an installment agreement. The IRS charges a fee to set up the agreement and even if they grant it, you'll continue to be charged interest as you pay off your tax debt.

Installment Agreement Payment Plans

Certain plans only require a small monthly payment until the statue of limitations is reached and then the rest of debt is cleared. Other kinds of plans may demand a full repayment and require a larger monthly payment but, even in these cases, the increments are designed to be reasonable so the goal of paying off the debt can be achieved. The designated amount of the monthly payment will be determined by weighing the overall tax bill against what the taxpayer has the ability to pay. These installments must be consistently paid on time to avoid defaulting on the agreement.

What Type of Installment Agreement is Right for You?

The IRS offers different types of installment agreements and some have specific requirements you must meet in order to successfully set up the payment plan. An installment agreement is often fairly easy to obtain when the amount of taxes you owe doesn't exceed $25,000 and you have a San Francisco, CA tax attorney like Sandeep Singh helping you file the necessary documentation.

Call tax attorney Sandeep Singh at 925-255-0121 now or request a consultation online to get started today.