Sometimes the best solution to your tax problem is an arrangement to pay back the taxes owed over time, in a manner that will not squash you while you do so!
At Huntsman | Lofgran, PLLC, so many of our clients have started out by saying, “We are not trying to get away from paying our taxes. We just need the government to work with us, give us a break.” Whether you have your own business and have unpaid 941 payroll taxes to deal with, or whether during this past recession you were forced to unexpectedly liquidate your retirement in order to survive (and now you have a tax bill to pay) or whether you simply have not filed tax returns or paid taxes for several years, an installment agreement may be the best answer for you.
Often the IRS will agree to an installment payment plan over six years. Penalties and interest do still accrue, but so long as you make the agreed-upon monthly payment, file all subsequent tax returns on time, and do not accrue any more tax liabilities, the IRS will honor the agreement, and will not issue a bank levy and/or wage garnishment.
If a 6-year full-pay agreement simply is not in the cards for you, we can consider setting up what the IRS calls a Partial Pay Installment Agreement. Under this type of agreement, you agree (for two years) to monthly pay the amount your financial situation indicates you are able to pay, and no more. This arrangement has to be re-set every two years, but the relief it can afford may make that hassle well worth the effort. While this does not solve your tax problem, it can provide a necessary respite while you get your feet back under you again.
If a payment agreement simply will not resolve the liability you face, perhaps an Offer in Compromise may be the better solution, or perhaps a determination of Currently Non-Collectable might be worth considering. Whatever solution works for you, please contact us for a free consultation and take the first steps to getting your life back.
Many taxpayers unfortunately first attempt on their own to contact the IRS to set up an installment arrangement with the IRS. However, what often happens is the IRS sets up a nearly impossible payment schedule and declares that their terms are the only option you have. At Huntsman | Lofgran, PLLC we cannot emphasize enough that this simply is not correct!
Please remember: that IRS agent on the phone or across the desk from you does not represent your best interests. They are looking for the government’s best interest and the government’s best interests only. Contact us today or call us at 801-474-0031 so that we can help you through this difficult process.
As local Salt Lake Tax Attorneys focused on resolving IRS and tax problems, we can help you determine whether an Installment Agreement is the right solution to your IRS problem. Call us at 801-474-0031 or contact us to set up a free consultation and learn more about how an IRS installment agreement could help you.