ALL ABOUT PAYMENT PLANS
The IRS wants you to agree to a payment plan. The monthly installment agreement is the method to resolve a large majority of tax debts.
Sometimes it may seem that tax collectors at the IRS get some kind of nefarious pleasure from emptying your checking account through a levy or surprising you with a smaller paycheck and an unhappy boss when they garnish your wages. Sure, some tax collectors may think like that. However, most tax collectors really just want to move your case off their desk and those enforcement methods don't achieve that goal.
What they really want is to get you on a monthly payment plan. The overwhelming majority of delinquent tax cases are resolved with a monthly installment agreement. If you owe under $20,000 you can probably negotiate a short term payment plan on your own. However, if the amount is larger and the payment plan is longer, the tax collector is going to require financial information. It is this financial information that trips up most all of our clients. The financial statement forms may look simple, but every client we have complete the form makes several serious mistakes.
We know all the various financial forms and exactly what the IRS is looking for. The most important thing to know is that the resolution of your tax debt is based on the financial statement you provide the IRS. We know that the IRS will not believe the majority of what you tell them. We know how the IRS determines monthly income and how it must be verified. We know what expenses they allow and which they do not allow. We know which expenses require substantiation and which do not. Once we have prepared the financial information correctly it will show us how we can resolve your tax debt.
We may be able to put off all payments for months or even a year or longer if you are in a hardship situation
We can stop all collection efforts while an payment agreement is worked out
We can negotiate a long term payment plan that will fit your budget and can last as long as 10 years
We can also determine if there is a way to reduce the total amount owed
If you owe the IRS more than $20,000 wouldn't it be smarter to have a professional handle the matter for you? Someone who knows how the IRS works? Someone who knows the ins and outs and maybe even how the IRS actually thinks? That is what DM&A has been doing for over 25 years. We will use our former IRS experience and our current up to date knowledge of IRS practices and procedures to resolve your worst tax problems.
Don't delay. Call and speak with one of our partners, Jim Demetriou EA or Mike Montano EA. We will immediately begin the process of getting your tax debt resolved so you can go back to living life with far less stress.
