Installment Agreement

Have you filed your returns but are unable to pay the taxes due? Have you failed to complete your tax return because you live in fear that you won’t be able to pay the tax? Take a deep breath and relax. Another tax solution strategy which O.W.D Law uses is negotiating an installment agreement with the IRS or State in which you live.

There are several payment plans available for paying off a tax debt in installments. It may even be possible to negotiate an Installment Plan so that you do not pay the interest or penalties which they claim you owe.

If you are currently unable to pay the full amount of your tax liability and you do not qualify for an Offer in Compromise then O.W.D Law can negotiate an Installment Agreement with the IRS or State. The success or failure of an Installment Agreement is in getting the IRS to concede your monthly income and expenses. The IRS considers some expenses “allowable” and others they deem unreasonable. Again the key is knowledge of tax law, policy, procedures and the individual revenue or collection agents.

Persuading the IRS or State that what we submit as necessary and reasonable expenses should be the agreed upon budget is what determines how much you pay the IRS or State every month. A negotiated Installment Agreement is hands down the best way to pay back your tax liability over time. What’s your other option? How about a WAGE LEVY or ASSET SEIZURE? No thanks.

The beauty of an Installment Agreement is that it buys you time. We’ve found that people can handle an Installment Agreement because they know what to expect. Once an Installment Agreement is approved by the IRS, you can pay your tax liability without fear of having your payments increased. After approximately two years, the IRS will look at your financial situation again to see if the expenses should be increased or even decreased.