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Benefits of a Non-Disclosure Installment Agreement

October 3, 2013

Non-Disclosure Installment Agreement is a type of Installment Agreement available for taxpayers who owe $25,000 or less in tax debt. Taxpayers applying for it are not required to provide extensive financial information. The plan also does not require much paperwork, which can be time-consuming and exhausting for taxpayers.

Under a Non-Disclosure Installment Agreement, taxpayers can pay their tax debt in monthly payments. The amount to be paid in monthly installments is determined by dividing the total tax debt by the number of months given to pay it off, no more than 72 months.

With a Non-Disclosure Installment Agreement, taxpayers who owe $25,000 or less in taxes can resolve their debt by paying monthly installments without the IRS scrutinizing their finances. This IRS payment plan is especially beneficial for those who cannot pay their back taxes in a single payment and need an extended time to pay.

The IRS introduced the Fresh Start initiative to assist taxpayers to pay their tax debt more comfortably. For the Non-Disclosure Installment Agreement, the IRS has increased the qualifying limit for the taxes owed from $25,000 or less to $50,000 or less. Now, taxpayers who owe $50,000 or less will be able to use Non-Disclosure Installment Agreement to pay their tax debt. The IRS has also increased the time limit of paying the tax debt from 60 months to 72 months.

A major benefit of Non-Disclosure Installment Agreement is that the IRS does not place a lien to secure payment of tax debt. The IRS also does not ask the applicants to fill out Form 433F, Collection Information Statement that includes reporting of accounts/lines of credit, real estate, other assets, credit cards, business information, employee information, non-wage household income, and monthly necessary living expenses.

Taxpayers that find it difficult to pay their back taxes in a single payment can resolve their tax debt simply through a Non-Disclosure Installment Agreement. It has little qualifying factors, allows much time to pay tax debt, and does not require disclosure of financial information.

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