If you owe the IRS more than you can afford to pay all at once, one approach to resolve your tax debt is to ask the IRS to accept the overdue amount through an IRS Installment Agreement. An IRS Installment Agreement is an agreement between the IRS and the Taxpayer where the IRS agrees to accept payment over a period of years or months and delay taking forced collection activity. Taxpayers in installment agreements must remain current on their tax payments and filings. While tax installment agreements are typically made for the entire amount of overdue tax, the IRS has recently begun permitting installment agreements for certain debts that would extend the agreement beyond the ten year collections statute of limitations, with the end result that any debt scheduled to be paid beyond the ten year expiration goes uncollected with no detriment to the taxpayer.
From offices in Smithfield, Rhode Island and Brockton, Massachusetts, our Tax Lawyer Matthew Fabisch and his network of CPAs, enrolled agents, and related tax professionals advise and represent clients in communities throughout Rhode Island and Massachusetts. Call our office at 401-324-9344 or contact our office by e-mail to arrange an initial consultation with an experienced tax attorney today.