IRS Installment Agreement: Top Tips For Success

Many taxpayers are facing back tax issues, especially considering the financial situation of today's economy. So the question often arises - how do I get an installment agreement request form? But once you get the request form, how do you complete it and what information do you need to include to make sure that it is successful? Before the IRS will agree to an installment agreement, the agency will do a financial review of the individual taxpayer's financial position. The goal is to determine the collection potential of the taxpayer's account. Often the taxpayer gets a monthly payment that is greater than what they can afford. This can result in a default under the agreement. If this occurs, the IRS will restart the collection process all over again. Hence, the taxpayer needs to make sure that they get an affordable agreement established upfront. The assistance of a tax professional can greatly improve the taxpayer's chances of getting an affordable agreement. As you go through the installment agreement process, you must remember that this is a contract between you and the IRS. The IRS certainly expects you to keep up your end of the bargain and make your payments on a timely basis. The advantage to the installment agreement request form is that it will put an end to any collection efforts that the IRS was undertaking. This includes tax liens, levies, garnishments, and collection calls. But interest and penalties will continue to accrue on any unpaid balance throughout the entire installment period. We all know that it is a frustrating process to deal with the IRS. Also, don't get fooled by many of the other tax relief firms out there who promise results. You need a professional on your side so make sure that you hire an experienced firm. For help on your irs installment agreement, visit the website:

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