Installment Agreements
IRS Installment Agreements offer taxpayers alternative options for paying off their tax debt without having to make a lump sum payment. If you owe money to the IRS, you can explore one of the four installment agreement options available. It’s important to note that penalties and interest, up to 10% per year, will be added to your outstanding balance.
Assured Installment Arrangement
Assured Installment Arrangement
Accessible to compliant taxpayers with debts below $10,000 (excluding interest and penalties). Evade federal tax liens and achieve debt-free status within three years by establishing a payment plan.
Efficient Installment Arrangement
Efficient Installment Arrangement
Accessible to taxpayers with a total debt of less than $50,000, inclusive of penalties and interest. This payment arrangement necessitates the taxpayer to remit a setup fee. By opting for these plans, taxpayers can circumvent federal tax liens and achieve freedom from debt within a span of seven years.
Installment Agreement with Partial Payments
Installment Agreement with Partial Payments
Accessible to taxpayers with tax debts over $10,000, if they prove inability to repay in full. This allows a monthly payment plan, settling for less than the total owed. However, note that it involves intricate paperwork detailing tax debts and financial circumstances.
Flexible Installment Arrangement
Flexible Installment Arrangement
Available to taxpayers with tax debts exceeding $50,000. This payment plan involves direct negotiations between the taxpayer or their representative and the IRS, including submitting comprehensive paperwork detailing tax debt, income, debts, assets, and financial information.
If you’re unsure which installment agreement suits your situation best, consulting with a tax professional can provide guidance and help you navigate the process effectively.
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Choose Emerald Gain for Tax Assistance
When you find yourself in debt to the IRS, Emerald Gain is your trusted partner. With an impeccable A+ rating from the Better Business Bureau and authorized business operations across all fifty states, we offer reliable and confident assistance. Our team of skilled tax professionals possesses extensive experience in resolving various tax issues and adeptly navigating interactions with the IRS on behalf of our clients.
