Affordable IRS Tax Payment Plan

Facing substantial tax debt can be debilitating, particularly if you are not in a financial position to comply with the Internal Revenue Service’s demands to pay your taxes in full. And even if you can afford to pay part of your debt, what about the remainder? With the addition of tax penalties, extra fees, and snowballing interest, even a large dent in your tax debt can be quickly nullified.

If you have back taxes and you cannot afford to pay your entire tax debt, as an individual taxpayer or as a business, TaxMasters can negotiate with the IRS and put in place a tax payment plan you can afford.

An IRS payment plan provides IRS tax relief by giving you a way to pay a portion of your back taxes every month. Paying on an agreed schedule can keep the IRS from actively pursuing collection actions like wage garnishment, revenue agent harassment, tax liens, or an IRS levy.

There are several plans the IRS will accept. Arrangements include simple payment plans and even partial payment installment agreements that effectively stop IRS collection actions without having to pay the entire debt in full. If planned properly, and your financial situation warrants, an effective installment strategy enables you to pay monthly amounts that may or may not pay off your tax debt in full before the statute of limitations for collection of the debt expires. And if the statute of limitations runs out, so does your obligation to pay the tax debt.

An Arrangement You Can Afford

Thousands of people arrange to make monthly IRS payments every year, but all too often the monthly installments are too high and can make life very difficult for the average wage earner, particularly in light of today’s economy and with the weak financial position taxpayers can get into quickly with substantial tax debt. If the IRS has forced you into an unreasonable pay schedule or if a revenue officer threatens to garnish your wages or seize your bank accounts or other assets, we can help. The tax professionals at TaxMasters know how to get you an affordable installment agreement with the IRS. Call us now at (800) 581-0456 and let us tell you how we can help.

Currently not Collectible

If your financial situation is serious, TaxMasters will work with the IRS to place your account in “uncollectible” or “currently not collectible” status. Under this program, the IRS stops all collection activity until your financial situation improves. We can then prepare and manage an offer in compromise or other solution to settle your taxes that is favorable to your financial situation and acceptable to the IRS.

The key to arranging a favorable installment agreement is to act sooner rather than later. Call us today at (800) 581-0456 to discuss which IRS payment plan is right for you.