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Does Your Business Qualify For A Tax Payment Plan?


Individual taxpayers aren’t the only ones who could benefit from entering into a payment plan agreement with the IRS. Businesses, for instance, that owe a debt to the IRS, could be eligible for long-term plans to help them pay off what they owe over time. Read on to learn more about whether your own business could qualify for an IRS payment plan.

Standard Long-Term Installment Agreements

There are a few different types of long-term payments plans, or installment agreements, for which Florida businesses can qualify. For instance, a standard installment agreement is available to those whose business owes $25,000 or less in combined taxes, penalties, and interest. These payments must be made monthly. It’s important to note that businesses that choose this route will need to undergo a full financial analysis to be conducted by the IRS and submit all necessary supporting documents before they will be considered for the plan.

In-Business Trust Fund Express Installment Agreements

Another type of long-term payment plan for which a business could be eligible is the In-Business Trust Fund Express Installment Agreement. This agreement is available to small businesses that owe back payroll taxes and still have employees. Again, the amount of payroll taxes owed must be $25,000 or less for a company to qualify for this type of plan. Businesses that agree to this kind of installment payment plan must promise to make monthly payments in an amount that is sufficient to pay off the full debt within two years. If a business owes between $10,000 and $25,000, then it must also agree to make debit payments directly from a bank account.

Streamlined Installment Agreements

Businesses could also be eligible for a Streamlined Installment Agreement if they owe income taxes or late filing penalties of less than $25,000. To qualify, the business must agree to make payments that will fully cover the debt within six years. Even businesses that are no longer operating could enter into these types of agreements.

What Information Will I Need to Apply for a Payment Plan?

If you own a business and are interested in applying for a tax payment plan, you should be sure to have certain information at your disposal, including:

  • Your Employer Identification Number (EIN);
  • The date your business was established;
  • The Caller ID number from your IRS tax notice;
  • Your official business address; and
  • The tax balance owed to the IRS.

You’ll need all of this information to apply for a payment plan, so if you owe a debt to the IRS, you should start finding and organizing copies of tax returns and other important documentation as soon as possible.

Does Your Business Owe Taxes to the IRS?

If your business is in tax trouble, call experienced Florida installment agreement lawyer, CPA, and former FBI Special Agent Ronald Cutler, P.A. to learn more about the types of payment plans for which you could be eligible. You can set up a free consultation today by calling our office at 386-490-9949.