IRS Installment Agreements

What is an installment agreement? An IRS installment agreement gives taxpayers the opportunity to repay their tax debt with a fixed monthly payment over a period of time. Without an installment agreement or other collection alternative in place, the IRS can garnish your wages, levy your bank accounts, or seize other assets. An installment agreement suspends these other collection activities while also giving you a monthly payment arrangement that you can afford.

During the time that you have a balance due to the IRS, interest and penalties continue to accrue on the tax due. If the IRS accepts your installment agreement, the penalties will accrue at a reduced rate, which saves you money over the term of your installment agreement. You can always make additional voluntary payments while you are in an installment agreement, which will help you pay down the balance owed in a faster period of time.

Contact Patricia Carbone today for assistance in determining the best IRS collection alternative that fits your budget.