Reaching an IRS Installment Agreement in Bonita Springs, Florida
Do you owe back tax debt? The IRS takes back taxes very seriously. They only give so many chances, requests, and warnings before they start coming after your assets. This can be though wage garnishment or even seizing your bank account, putting liens on homes and repossessing cars.
The IRS does not play around. They are the biggest collection agency in the USA and as they are a government entity, there is no recourse other than to deal with them and come to terms.
What is an IRS installment agreement? An IRS installment agreement is a payment arrangement in which the IRS allows you, the taxpayer, to pay your tax debt over a period of time through monthly payments, since you are unable to pay the debt all at once.
Once you have a plan in place…
The IRS can no pursue wage garnishment or the seizing your bank accounts; you are, however, subject to penalties and interest until you pay off the entire balance. In order for a payment plan to begin, you must be current on all prior tax returns. During this time, a tax lien may be filed as part of the installment agreement. Each situation is unique. That is why it is vital to negotiate the terms that you have a professional tax relief attorney on your side.
Let Naples Tax Attorney Todd Babbitt of Babbitt Tax Law help you reach an agreement with the IRS and get the debt you owe, paid. He can help you negotiate an agreement that is manageable with your financial situation, so you are able to pay without issues. Be sure not to default on your installment agreement as the IRS can start collecting and seizing money and assets from you again.
If you are unable to pay monthly and do not qualify for any other type of relief like an Offer in Compromise (OIC), attorney Todd D. Babbitt can work to get you placed in a Currently Not Collectible (CNC) status, which gives you the opportunity to not make payments until your financial situation improves.
Naples and Fort Myers tax relief attorney Todd D. Babbitt can help you find a cost-effective way for you to pay off your tax debt. Call him today to get a free consultation to see if you are eligible for an installment agreement to pay off your debt over time. Visit www.babbitttaxlaw.com to learn more.