Payment Plans Installment Agreements
  • May 23, 2022
  • admin
  • 0

The IRS might be one of the most feared authorities in the US, but that, however, does not mean that it is blind to the concerns of the people. While the tax authority is known for taking no hostages when it comes to compliance, it does have more than a few provisions for distressed taxpayers, who, despite their intent and the best of efforts, are unable to meet their tax obligations. The IRS Installment Agreement is one such provision. If you are considering it to find your way out of a tax debt spiral, this article is for you. Read on as we present some of the key benefits of the IRS Installment agreement

Avoid Bank and Wage Levies

If a taxpayer is unable to pay their taxes, the IRS has the authority to seize their bank account or wages, to collect the outstanding amount. Having said that, those who apply and are accepted for an IRS payment plan do not have to worry about any levies, as long as they keep making the agreed upon monthly payments to the IRS.

Related Blog Post: Steps to Appeal Your IRS Audit

Get Rid of Years of Tax Debt

Requesting an IRS installment agreement makes perfect sense for those who owe taxes for multiple years. An installment agreement allows taxpayers to pay off multiple years of tax debt through unified monthly payments. It is, however, important for taxpayers to have a tax attorney request their tax transcripts from the IRS, to determine the amount they owe.

Buy More Time to Pay

If a taxpayer is able to present a convincing case to the IRS and qualify for an installment agreement, they get up to 6 years to pay off their tax debt. In cases wherein a taxpayer believes they can pay off the liabilities in a shorter span of time, they have the option to either make a down payment or increase the monthly payment amount. 

Related Blog Post: A Look at the Initiation of IRS Tax Investigations

Avoid Tax Liens

The very sight of a Notice of Federal Tax Lien is enough to make anyone go weak in the knees. The good news is, qualifying for an IRS installment agreement implies that the taxpayer might be able to request a withdrawal of the Notice of Federal Tax Lien, if their payment plan meets some requirements.

Wrap Up

Being unable to meet the tax obligations is enough to distress even the most unshakeable of people, but they must keep in mind that, with the right approach, no mountain is too high to climb. If you have been unable to pay your taxes and are looking for a way out, talk to the IRS tax lawyers at The Law Offices of Nick Nemeth, to learn more about the IRS Installment Agreement and other such provisions. To schedule your FREE confidential consultation in Dallas, Fort Worth, Houston or anywhere else in Texas, simply call (972) 426-2553, or fill out the Free Case Evaluation Form and we’ll take it from there.

Please follow and like us:

What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
Quick Inquiry


    Enter the text you see above