An installment agreement is a monthly IRS tax payment plan that pays off the taxes, penalties, and interest you owe to the IRS. The good news is that an installment agreement requires the IRS to stop collection activities such as bank account levies and wage garnishments. However, you must stay current with your monthly payments in order to prohibit the IRS from moving to initiate collections on tax periods covered by the agreement.
If you owe more than the streamlined threshold, you’ll need to fill out a collection statement (Form 433A or 433F) listing your monthly income and expenses. Your actual expenses will differ from the IRS allowable standards. Your county of residence and the amount of people living in your home determine your allowable standards. The IRS calculates your ability to pay according to these pre-set allowable standards, not your actual expenses. This can lead to a monthly payment amount greater than that which you can afford without proper assesment and planning.
We review your income and expenses, anticipate the IRS adjustments and plan accordingly to establish an affordable plan.
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