1. What is an Installment Agreement and how can it help me? 

An Installment Agreement allows you to repay your tax debt to the IRS in manageable monthly payments. This can be a good option if you can’t afford to pay your debt in full right away.

2. Do I qualify for an Installment Agreement? 

There are different types of Installment Agreements with varying eligibility requirements. Generally, the IRS considers your ability to repay the debt, your tax filing history, and the amount owed. We can help you determine if you qualify.

3. What are the different types of Installment Agreements? 

The IRS offers several options, including short-term (paid within 180 days), streamlined, and extended payment plans. We can advise you on the best option for your situation.

4. How can we help you secure an Installment Agreement?

While the IRS offers various application methods, navigating the process and ensuring you choose the most suitable option can be complex. Our team can help navigate the complexities and explore the available options for you.

5. What happens after I enter into an Installment Agreement? 

It’s crucial to make your monthly payments on time and in full to avoid default. We can help you understand the terms of your agreement and ensure you stay compliant.

6. Will entering into an Installment Agreement stop penalties and interest from accruing on my tax debt? 

No, unfortunately, interest and penalties will continue to accrue on your outstanding balance even while you’re in an Installment Agreement.

7. Can I modify my Installment Agreement if my financial situation changes?

Yes, you can request a modification to your Installment Agreement if your financial situation changes. We can assist you in making these adjustments to ensure your payments remain manageable.

8. What happens if I miss a payment on my Installment Agreement?

Missing a payment can result in penalties and interest and may lead to defaulting on your agreement. It’s important to stay on top of your payments, and we can help you set up reminders and manage your payments effectively.

9. Are there any fees associated with setting up an Installment Agreement?

Yes, the IRS charges a setup fee for Installment Agreements. The amount can vary based on the type of agreement and your payment method. We can provide detailed information on these fees and how they apply to your situation.

10. Can I pay off my Installment Agreement early?

Yes, you can pay off your Installment Agreement early without any penalties. Paying off your debt sooner can save you money on interest and penalties. We can help you plan and manage an early payoff if it’s a viable option for you.