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Installment Agreements & The IRS Fresh Start Program


If you can pay your liability in full over time, the IRS will not accept an Offer in Compromise. In that event we may be able to negotiate an installment agreement with the IRS as a way to resolve your tax liability.

There are new exciting programs under the IRS Fresh Start Program that offer different types of installment agreements to taxpayers depending on what you owe. The different types of installment agreements are as follows:

Taxpayer Settles IRS Debt Without Disclosing Income or Assets In this case study, our taxpayer owed about $21,000.00 to the IRS. We were able to quickly negotiate a streamlined installment agreement with the IRS without having to disclose our taxpayer’s income or assets to the IRS. The monthly payment was $437.00 per month. According to our taxpayer, the liability was paid in full under the installment agreement in about five years. Case Study

Taxpayer Owes $125,000In this case study, our taxpayer owed approximately $125,000.00 to the IRS. We prepared a Form 433A, Financial Statement, and negotiated an installment agreement with the IRS in an amount the taxpayer could afford. The taxpayer ultimately paid the liability in full under the installment agreement and no longer has any IRS problems. Case Study


The IRS will not grant an installment agreement unless and until you are in full compliance, meaning that all prior tax returns have been filed. The IRS will typically not grant an installment agreement to you if you have unfiled tax returns. While in an installment agreement, you must file all future tax returns when due and pay all of the associated liability in full. Failure to do so will cause the IRS to default your installment agreement.

What happens when you default on an existing installment agreement? It is possible that the IRS may be willing to reinstate the installment agreement. However, the IRS is typically less likely to grant another installment agreement when a prior installment agreement was defaulted. Further, the IRS will change the terms and conditions of the reinstated installment agreement, often by typically demanding more money from you on a monthly basis.

We have negotiated thousands of installment agreements with the IRS on behalf of our clients. If you are interested in an installment agreement where you make affordable monthly payments to the IRS, give us a call. Call Us Before the IRS Calls You!®


What if I can’t pay the amount the IRS wants under an installment agreement?

See Partial Payment Installment Agreement


What if I can’t pay anything to the IRS on a monthly basis because I have no money?

See Deemed Uncollectible

 

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Chicago Area Tax Attorneys

Chicago Tax Attorneys

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Elmhurst, IL 60126

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