There's the version of tax resolution the late-night commercials sell you. Then there's how it actually works. I'm Darrin Mish, a Tampa tax attorney. I've spent 32 years on the inside of these cases. Here's the real version.<\/p>\n
If you need IRS help<\/span> <\/a>to determine if an IRS installment payment plan is the best choice for your IRS problem, contact our office and our friendly and professional staff will be happy to assist you in making that decision. \u00a0Click here to read or watch more IRS Help resources.<\/a><\/p>\n An installment payment plan is used extensively as an option for repaying IRS debt<\/a>.\u00a0 As long as you owe $25,000 or less, you are likely to be able to utilize a 60-month repayment plan.\u00a0 If, however, you owe more than $25,000 to the IRS, typically you will need to negotiate for an installment plan and what they payment will need to be to satisfy the IRS.<\/p>\n If you have an IRS problem and you owe a substantial amount of money, utilizing an installment plan option can be convenient and affordable.\u00a0 In some circumstances, an installment plan may be the only option available to you.\u00a0 However, you need to realize there are also some drawbacks to an installment plan.\u00a0 Drawbacks include the fact that you will still continue to accrue interest and penalties on the amount you owe, even while you are making payments.\u00a0 When you combine the interest rate with the penalties assessed, the accrual rate can be 8 to 10 percent per year.\u00a0 It is possible to make payments for several years and still owe more money than the original amount.\u00a0 You will need IRS help to find the best solution and repayment method that is going to work for you.\u00a0 Call our office to learn more and get assistance for your IRS problems.<\/p>\n You may not be eligible for an installment plan.\u00a0 To be eligible, the IRS documentation must show that you have filed all past due tax returns.\u00a0 If you are self-employed, the IRS must show your status as current on your quarterly estimated tax payments.\u00a0 Also, if you have employees, you must be up-to-date on your payroll tax deposits and Form 941 submittals according to IRS records.<\/p>\n The best option would be, of course, to pay any amount you owe in full as quickly as possible.\u00a0 You will avoid interest charges and minimize penalties by paying the total amount you owe in full.\u00a0 However, that is not always possible and, therefore, an installment plan can help you through your current situation.\u00a0 Contact our professional staff for IRS help with your decision-making process before entering into an installment agreement<\/a>.\u00a0 It is possible that another type of loan or even using a credit card, if it has a lower interest rate attached to it, can save you money instead of using the IRS installment agreement.\u00a0 To bring the most benefit to you, you need to pay as much of the amount owed as possible before entering into an installment agreement with the IRS.<\/p>\n If you need IRS Help, contact our office today to determine the most effective way to solve your IRS problems.<\/p>\n","protected":false},"excerpt":{"rendered":" There's the version of tax resolution the late-night commercials sell you. Then there's how it actually works. I'm Darrin Mish, a Tampa tax attorney. I've spent 32 years on the inside of these cases. Here's the real version. If you need IRS help to determine if an IRS installment payment plan is the best choice […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4],"tags":[595],"class_list":["post-16685","post","type-post","status-publish","format-standard","hentry","category-irs-help","tag-irs-installment-agreements"],"_links":{"self":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/16685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/comments?post=16685"}],"version-history":[{"count":2,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/16685\/revisions"}],"predecessor-version":[{"id":21284,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/16685\/revisions\/21284"}],"wp:attachment":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/media?parent=16685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/categories?post=16685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/tags?post=16685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}