Partial Pay Installment Agreement

The IRS has a repayment option called Partial Payment Installment Agreement (PPIA). In essence this allows for a partial payment of a back tax liability, without going through the arduous Offer in Compromise process.

Not everyone will qualify for a PPIA, and even if you do, it may or may not be the best tax resolution strategy for your situation.

Like all agreements with the IRS, a PPIA requires that you complete financial information that will be reviewed and verified. You will also be required to address equity in assets that can be utilized to reduce or fully pay the amount of the outstanding liability.

If you are accepted, you will be subject to a subsequent financial review every two years, which makes it different from an Offer in Compromise. As a result of this review, the amount of the installment payments could increase or the agreement could be terminated, if your financial condition improves.

Because of the complexity of the different payment options with the IRS and state taxing authorities, you will benefit from discussing your situation with a tax resolution professional.

Due the complexity of the PPIA, contact a representative at Larson Financial at 888-902-0778 to assess if this option is best for your unique situation.

We strive to save our clients money, time and stress.  Just as there are many different tax related problems, there are many options for tax resolution.  Call us at 888-902-0778 for a free consultation. In a few minutes we will help you to better assess what options are best for your unique situation.