IRS Payment Plans

There is a chance we can get your tax penalties removed.

Many taxpayers like installment agreements because the IRS may reduce certain penalties once the agreement has been established.

How an IRS Installment Agreement Works

You must first file all delinquent tax returns before you can apply for an installment agreement. We will file IRS Form 9465 for you in order to request an installment agreement. The IRS charges a fee to set up the agreement and even if accepted, the IRS will continue to be charge you interest until it is paid off.

Installment Agreement Payment Plans

In some plans, you only need to pay a small monthly amount until the statute of limitations is reached. At that point, the rest of your debt is cleared. Other kinds of plans may require full repayment with a larger monthly amount but, the increments are designed to be reasonable. After all, the ultimate goal is to get the debt paid off. The calculation of the monthly payment is determined by weighing the overall tax bill against what the taxpayer can reasonably pay. These installments must be regularly paid on time to avoid defaulting on the agreement.

Which Installment Agreement is Right for You?

There are various types of installment agreements offered by the IRS. There are specific requirements you must meet in order to successfully set up the payment plan. If you owe less than $25,000, the installment agreement is often fairly easy for us at Fajardo & Associates to get on your behalf. We will help you file the necessary documentation. If you owe more than $25,000, we can still help you. Call us today to settle your tax debt.