Helping clients make fully informed choices regarding their tax problems is an important part of Tax Defense Network’s mission. Our tax professionals work to inform our clients of their options and assist them in choosing the most advantageous tax resolution for their situation. Many times, this tax resolution is an installment agreement.
In an IRS Installment Agreement, taxpayers, who cannot afford or do not wish to pay their tax debt in one lump sum, agree to repay the tax debt over time in monthly installments. The IRS has various installment plans, and Tax Defense Network assesses each of our clients’ particular situations to decide which plan is right for them.
There are two basic kinds of IRS Installment Agreements: Streamlined Installment Agreements and Partial Payment Installment Agreements. In a Streamlined Installment Agreement, taxpayers who have less than $50,000 in tax debt agree to pay the entire debt amount over a set period of time, no longer than 6 years. No or very limited financial disclosure is required.
In a Partial Payment Installment Agreement, the taxpayer agrees to pay an affordable monthly payment until the statute of limitations on the debt expires. The IRS cannot collect on the debt after this date, even though the debt has not been fully paid. Full financial disclosure is required, however, and the IRS thoroughly examines the taxpayer’s financial situation to assess their ability to pay.
Tax Defense Network assists clients in deciding which installment plan is the best for their situation, then negotiates with IRS to achieve the most favorable terms. In this way, Tax Defense Network helped former client Ramon from New Jersey to achieve the best installment agreement for his situation.
Like many Tax Defense Network clients, Ramon from NJ knew he had tax debt, but put off contacting the IRS. He had a rude awakening when he received an IRS notice of intention to levy. “My tax debt finally caught up to me,” Ramon remembers, ruefully.
He could not afford to have the IRS garnish his wages, so he turned to Tax Defense Network for help. The Foxhound Legal Team jumped into action and stopped the wage garnishment. They consulted with Ramon about his situation, and given his debt amount and financial situation, they successfully negotiated for Ramon to make affordable monthly payments in a Partial Payment Installment Agreement.
“Tax Defense Network stopped the IRS from garnishing my wages and set up a payment plan I could handle,” Ramon says gratefully. “They have allowed me to live my life again. The results Tax Defense Network gives are phenomenal!”
Tax Defense Network is a national tax debt relief company with an A+ rating from the Better Business Bureau. Their team of licensed tax professionals, CPAs, and enrolled agents has over 35 years combined experience and has resolved over $120 million in tax debt since the company’s inception in 1997.