IRS Tax Installment Agreement with The Law Offices of Nick Nemeth
  • April 22, 2019
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Countless people, despite their best efforts, find themselves owing money to the Internal Revenue Service. For some of these taxpayers, the situation is a bit more difficult  because they simply don’t have the money to pay the amount in full. This, however, is not the time to panic, because you can find your way out of the problem through provisions such as IRS tax installment agreements. With the help of an experienced IRS tax lawyer, you can request a workable payment plan that is manageable and less stressful. Continuing on the subject, we give you an overview of the various types of IRS tax installment agreements offered by the IRS. Read on.

Types of IRS Tax Installment Agreement

There are several types of installment agreements, one of which will likely work well for your specific situation. Take some time now to read the basic information about each type, then get in touch with your tax-law professional to discuss the options, which include:

  • Guaranteed Installment Agreement : If you owe less than $10,000 and can satisfy certain other conditions, this may be the path for you. If this request is approved, the IRS does not  file a federal tax lien.
  • Partial Payment Installment Agreement : As the name implies, the taxpayer makes a partial payment of taxes owed, after filling out a form to report income and living expenses. This process includes a financial review every two years.
  • Streamlined Installment Agreement : If you owe $50,000 or less (since 2017) you can request a streamlined agreement. This plan includes paying off the balance in 72 months or less. The IRS doesn’t file a federal tax lien.
  • Non-Streamlined Installment Agreement : This agreement is for those owing more than $50,000. If you don’t qualify for other plans and need a repayment program lasting longer than five years, non-streamlined may be right for you.

Missed a Payment?

The first step you must take if you missed a payment on your installment agreement is to make that payment as soon as possible. This will help you avoid interest and penalties, or starting over the IRS collection process.

If you do miss a payment, you are considered in default, according to the agreement. You may receive a notice of intent to terminate the agreement (CP523). That notice generally includes a deadline for payment, which you must meet to avoid collection actions. This won’t affect your credit score immediately, but it may cause your score to go down if the IRS files a tax lien and reports this information.

Need More Info? Consult a IRS Tax Lawyer

IRS tax installment plans can be the saving grace for many taxpayers who want to pay their tax liabilities but are actually unable to due to financial constraints. If you are thinking on the lines of requesting an IRS tax installment agreement, speak with one of the IRS tax lawyers at the Law Offices of Nick Nemeth. Our IRS tax professionals can analyze your financial situation and work with you to choose an installment program that best suits your situation. For a free, no-obligation consultation, call  (972) 426-2553 or fill out our contact form and we will get right back to you.

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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!
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