This week in the 12 Weeks of Resolutions, Tax Defense Network is highlighting the Streamlined Installment Agreement.
Tax Defense Network knows that when hit with an IRS tax bill, many times taxpayers cannot afford to pay off their entire debt all at once. To accommodate taxpayers without the financial ability to repay their tax debt in one lump sum, the IRS offers various installment agreements so that taxpayers can more comfortably pay off their tax debt over time. One option for those with less than $25,000 in debt is the Streamlined Installment Agreement.
Michael from New York came to Tax Defense Network with a tax debt of a little over $10,000. Michael had become disabled and “to pay my debts, I took out of my 401k but didn’t pay the full amount of taxes,” he explains.
Tax Defense Network listened to Michael’s concerns about protecting his retirement fund. Noting his reluctance to give any financial information to the IRS, Tax Defense Network’s Foxhound legal department knew immediately that his best option was a Streamlined Installment Agreement.
In a Streamlined Installment Agreement, no financial disclosure is required. Income and expenses, as well as assets, like retirement funds and money in bank accounts, remain completely private and free from IRS examination and levy. With a Streamlined Installment Agreement, Tax Defense Network was able to protect Michael’s savings.
“The way TDN handled my case was impressive,” says Michael. “They put me in a payment plan and helped me breathe easier.”
The monthly payments in a Streamlined Installment Agreement are calculated by dividing the tax debt into equal monthly payments over a maximum of 72 months. Though the IRS continues to charge penalties and interest, the monthly installments are an easy and affordable way to resolve tax debt.
“I’m so happy now. I can’t stop smiling,” says a relieved Michael.
Tax Defense Network is a national tax relief company founded in 1997 that has resolved over $120 million in client tax debt. Their tax team of licensed tax professionals, enrolled agents and CPAs has over 35 years combined experience. Tax Defense Network has an A+ rating with the Better Business Bureau.