7 Steps to Initiating an IRS Installment Agreement

Today we are writing about the IRS installment agreement process and how it can help you as it relates to your IRS tax liability.  First and foremost, there are various types of payment plans available to fit your needs. Secondly, depending on what you may owe the IRS, either for your business or you personally, will greatly affect which type of plan we can set you or your business up with.  A few details about the payment plan process you may not be aware of are as follows:

– The IRS will set up a plan for you if you fall under certain monetary tiers

– The IRS will either withdraw the lien, or withhold from filing one all together depending on the plan and monetary tier

– The IRS will require and initiate a direct debit process for all payments

– You may qualify for penalty relief if you meet certain criteria as well

– The payment plan requires you to not accrue any additional tax, penalty, or interest on future quarters or tax years

– The payment plan requires timely payment of ALL taxes you or your business may currently owe

– The payment plan may require financial disclosure

Of course there are several factors behind setting up and monitoring the payment plan.  Payment plans can take some time to initiate. However, the more you can pay, the more you will save in the long run as it relates to your tax liability.  Feel free to call us directly at 720-398-6088 to discuss your options, or browse our website at www.highlandtaxresolution.com!