P is for Properly Structured IRS Payment Plan.A payment plan is an agreement with the IRS to pay the taxes you owe within an extended timeframe.  I am sure heard of the term “Installment Agreement or IA.”  The IA is very different than the Offer in In Compromise program.  However, it is a very viable option for taxpayers who owe any amount.

Your specific tax situation will determine which payment options are available to you. Payment options include full payment, a short-term payment plan (paying in 120 days or less), or a long-term payment plan (paying in more than 120 days).

When I prepare a properly structured payment plan, I negotiate with the IRS to make certain they are not managing your cash flow and telling you how much you can afford.

Before making this offer, there are several steps I take first:

First, I’m going to check to see if you qualify for a First Time Penalty Abatement relief and if you do, I make that request. This can also save you money in total and reduce the monthly amount you have to pay. Next, I am going to make certain your assets and income are protected from the IRS. If you have a levy, I will get the levy released and get your future failure to pay penalties reduced.

Only then will I negotiate with the IRS to get you the best possible offer that you can afford to pay. The IRS is not your friend, and are they not looking out for your best interests. I am!

Once your installment agreement is accepted, I’m going to make sure it is formally recognized on your Transcripts.

There are several collection alternatives for which you can reduce, eliminate, or pay off your tax debt. A properly structured payment plan is just one of them.  If you have a tax debt for one or more years, especially if it is $25,000, you need to address the problem sooner rather than later.

The IRS, the world’s largest debt collector, and they will not go away. They may go to sleep for a while (“Pandemic Hibernation”), but they will get in touch with you. They want their pound of flesh… to get their money back.

If you have a tax problem and are looking for relief, you can take the worry out of dealing with the IRS by contacting us https://thetaxreliefco.com/contact/. Let’s get you back on track and sleeping at night.