Florida & IRS Tax Debt & Installment Agreement Attorney
For individuals or businesses who simply cannot afford to pay the full amount of their tax bill on time, making installment payments may be an effective and affordable way to comply with the law and avoid further trouble. As a tax attorney, certified public accountant and former FBI Special Agent in tax matters, Ronald Cutler knows when and how an installment agreement can be successfully negotiated with the IRS. Read on to learn what you need to know about IRS installment agreements. For immediate assistance, call Ronald Cutler, P.A. at 386-490-9949.
How long can an Installment Agreement last?
Under an approved payment plan, you can have up to 72 months (six years) to pay off a current tax liability in monthly installments.
How much do I have to pay each month?
The IRS will expect you to pay some or all of your disposable income each month which is left over after paying your necessary living expenses. The IRS uses its own set of guidelines to decide what counts as necessary living expenses and how much you need to spend, based on the size of your household and the region of the country where you live. It is not uncommon for an individual’s or family’s actual expenses to exceed the guidelines amount, and you may find yourself disagreeing with the IRS over whether certain expenses are necessary or not.
What if I can’t afford a monthly payment after deducting necessary living expenses?
In this case, it might not be feasible to enter into an Installment Agreement with the IRS, but you likely still have options available. Talk to our office about the availability of tax relief, such as being placed in Currently Not Collectible status.
Are there any reasons NOT to negotiate an Installment Agreement with the IRS?
It is important to understand that penalties and interest may continue to accrue on the original amount owed during the entire time you are on an installment plan. The severity of these penalties depends in part on whether you filed your return on time, late or not at all. If the penalties and interest are significant, and you have enough cash to make a lump sum payment, talk to your attorney about whether an Offer in Compromise is a better solution.
Call Florida Tax Attorney & CPA Ronald Cutler for Help Obtaining an IRS Installment Agreement
As a Florida tax attorney, certified public accountant, and former FBI Special Agent with 40 years of experience handling IRS tax matters, Ronald Cutler is well-equipped to negotiate an installment agreement on your behalf with the IRS and help put an end to your tax woes. In Daytona Beach, Orlando, Jacksonville, Tampa and Miami , or throughout Florida and beyond, call 386-490-9949 for a free consultation regarding the possibility of an installment agreement for your tax bill.