Payment Plans

Payment plan is designed for those taxpayers and businesses that cannot settle their entire tax debt at one time and need to make payments on it. Payment plan can be structured to spread out the total due over a maximum of five years. This means valuable time to catch up and map out an affordable solution.

Contact Los Angeles Tax attorneys and we will explain the specifics of this program, outlining a realistic proposal to meet your financial goals. Our professional tax lawyers will arrange and negotiate a tax payment plan that enables you to pay off your tax debt at an affordable rate.

The IRS always accept some type of payment arrangement for past due taxes. In order to qualify for a payment plan with the IRS, you must meet the following rules and provide the IRS with this information to determine that your liquid assets (such as cash or savings) are insufficient to pay off your tax debt:

• you must have filed all tax returns, even if you owe money;
• you must disclose all assets owned, including all cash and bank accounts;
• you must not have adequate cash available in a checking, savings, money market, or brokerage accounts to pay the IRS;
• you must not have the capacity to borrow the amount owed to the IRS from other sources (i.e., a second mortgage on your home);
• you must not have adequate equity in a retirement account from which you can borrow or liquidate.

IRS officers then use this financial information to determine the amount of disposable income you have available, and thus create a schedule of payments.

The downside of payment plan is that with them, the IRS continues to accrue penalties and interest on your total tax amount due. However, in some cases we can negotiate to have the penalties and interest removed from your agreement. The sooner you contact us, the sooner we can resolve your tax problems.

Get your payment plan negotiated by Los Angeles Tax Attorneys!

Related content about tax preparation can also be viewed or get IRS payment plan at tax related websites