Installment Agreements

Installment agreements allow taxpayers to pay tax debts to the IRS or state taxing authorities over a scheduled period. There are several factors necessary for the acceptance of an installment agreement.

  • An installment agreement request must identify what the you can afford on a monthly basis (and)
  • Demonstrate that the liability will be paid off in a timely fashion.
  • Different types and amounts of documentation are required depending upon the amount owed and to whom.

For example, the IRS will set up installment agreements over the phone and with no financial forms if the amount owed is under $10,000. If the amount owed is greater, or if there are complex financials associated with a business, expect more documentation and scrutiny. State revenue departments tend to be less flexible and offer fewer options for installment agreements than the IRS.

The IRS and states vary widely in how long they will allow for the payback period and what actions or inactions can result in an rejection of an installment agreement request, or the default of an existing agreement.

Call Larson Financial at 888-903-0778 for an expert assessment of whether you qualify for an installment agreement today

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