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Ronald Cutler, P.A. Ronald Cutler P.A.
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Miami IRS Installment Agreement Attorney

Installment agreements are long-term payment plans, in which a taxpayer’s debt to the IRS is paid off in a series of monthly payments. However, not everyone qualifies for an installment agreement, so if you have questions about paying off a liability you owe to the IRS, you should speak with an experienced Miami IRS installment agreement attorney who can help determine whether you qualify for an installment agreement or other payment plan.

Who Qualifies for an Installment Agreement?

Installment agreements are a promise on the part of a taxpayer to make monthly payments to satisfy a tax debt. However, only certain taxpayers are guaranteed an installment agreement, including those who owe the IRS $10,000 or less in taxes, penalties, and interest and:

  • Have filed all required tax returns;
  • Are unable to pay the liability within the next 120 days; and
  • Who are able to pay off their debt in the next three years.

Fortunately, those who owe more than this amount can still qualify for streamlined installment agreements, as long as their debt does not exceed $50,000 and they can repay what they owe in 72 months.

Streamlined Processing

Streamlined installment agreements allow IRS officials to process installment agreements more quickly and without obtaining a person’s financials or official approval. In addition to requiring less taxpayer verification of the ability to pay a debt, streamlined processing won’t trigger a federal tax lien. Streamlined installment agreements are usually set up for a maximum of six months.

Non-streamlined agreements, on the other hand, are not automatically approved. Instead, the taxpayer will need to negotiate with the IRS, which will also be required to collect information about income, debts, assets, expenses, and accounts. It usually takes a few months for the agency to review a non-streamlined payment plan.

Whether streamlined or non-streamlined, the amount of any monthly installment agreement payments, as well as the length of that agreement, depend on a variety of factors, including:

  • The amount of debt owed by the taxpayer; and
  • The taxpayer’s current financial situation.

Avoiding Default

Once a taxpayer has entered into an installment agreement, he or she is required to meet certain conditions to avoid defaulting on the agreement, including:

  • Making required payments or requesting a modification or exception;
  • Filing future tax returns on time and paying any new obligations;
  • Continuing to make scheduled payments even if the IRS applied a refund to the debt; and
  • Making sure that all IRS statements are sent to the proper address.

Taxpayers who find that they are in danger of defaulting should speak with an attorney as soon as possible.

Contact Our Office Today for Help

If you owe taxes to the IRS and cannot pay it in one lump sum, you could qualify for an installment agreement. Please call experienced Miami tax debt and installment agreement attorney Ronald Cutler, P.A. at 386-490-9949 to learn more.

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