{"id":261,"date":"2021-03-24T18:55:16","date_gmt":"2021-03-24T18:55:16","guid":{"rendered":"https:\/\/sacramentotaxlawyers.com\/?p=261"},"modified":"2022-02-07T20:34:33","modified_gmt":"2022-02-07T20:34:33","slug":"about-irs-installment-plans","status":"publish","type":"post","link":"https:\/\/sacramentotaxlawyers.com\/about-irs-installment-plans\/","title":{"rendered":"About IRS Installment Agreements"},"content":{"rendered":"\n

Not being able to afford the full payment on tax liability is an unfortunate but common scenario. It may be because the amount was more than you expected, or simply because there\u2019s an issue with liquidity regarding your funds at the moment. There are available tax resolution<\/a> strategies for this problem. Installment plans are among the most viable options you can choose to pay off your tax liability.<\/p>\n\n\n\n

What\u2019s an Installment Agreement?<\/h2>\n\n\n\n

The name is already a giveaway regarding the concept behind it. An installment agreement allows you to pay your tax debt in installments, thus giving you more time to raise money and structure your payments. The good thing about choosing an installment agreement is that it prevents the IRS from levying<\/a> additional penalties on your account. Interest will still run, but at least you won\u2019t have to worry about the IRS coming against you with more punitive measures like a levy. <\/p>\n\n\n\n

Installment Agreement vs. Offer In Compromise<\/h3>\n\n\n\n

An installment agreement is different from an offer in compromise. For one, there\u2019s no reduction of your tax debt in an installment agreement. Your debt will remain the same, plus whatever interest is due on it. In an offer in compromise<\/a>, however, there is a reduction of the debt, made possible by the fact that you offer to pay a lower amount to the IRS. An offer in compromise may also be made through installment payments, but the latter usually has a shorter duration than most installment plans.<\/p>\n\n\n\n

Cost<\/h3>\n\n\n\n

The major advantage of an installment agreement is cost<\/a>. Simply put, installment agreements are cheaper than offers in compromise, at least in terms of the initial application cost. Also, they are generally easier to secure than offers in compromise.<\/p>\n\n\n\n

Application<\/h3>\n\n\n\n

Applying for an installment<\/a> payment is simple. You can apply through email, phone, or even through the mail. If you\u2019re qualified, the IRS will set up an installment agreement for you, including the method of paying. The most preferred method of paying is through direct debit but there are other options if this isn\u2019t possible for you.<\/p>\n\n\n\n

If you want to know whether an installment plan is a viable option for you, talk to your trusted tax lawyer<\/a> to find out more about it. There’s also a lot of information on installment plans<\/a> on the IRS website. <\/p>\n","protected":false},"excerpt":{"rendered":"

Not being able to afford the full payment on tax liability is an unfortunate but common scenario. It may be because the amount was more than you expected, or simply because there\u2019s an issue with liquidity regarding your funds at the moment. There are available tax resolution strategies for this problem. Installment plans are among […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[106,1],"tags":[],"yoast_head":"\nAbout IRS Installment Plans | California Tax Blog<\/title>\n<meta name=\"description\" content=\"About IRS Installment Plans | If you want to know whether an installment plan is a viable option for you, talk to a trusted tax lawyer. 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