Naples IRS Installment Agreement Attorney
Paying taxes every year is part of working and earning an income in the U.S., and it is an important aspect of owning and running a business. When you are able to pay your taxes in full, it is best to do so in order to avoid interest from accruing or penalties associated with late payment or nonpayment. If you know you are going to owe an amount in taxes that you cannot pay in full, it is still critical to file your taxes and to seek advice from a lawyer. In order to work out a payment plan, you must apply. Installment agreements are a common form of payment plan that individual and business taxpayers seek in order to make payments on their taxes over time. In some cases, your lawyer will negotiate with the IRS before an agreement can be reached. If you require assistance with a payment plan or installment agreement, you should get in touch with a Naples IRS installment agreement attorney about working out a payment plan with the IRS.
How IRS Installment Agreements Work
When an individual or a business owes taxes and cannot make the full payment up front, there are different types of payment plans that may be available in order to pay tax debt over an extended period of time. Some of those payment plans are short-term agreements in which the taxpayer agrees to make a series of payments over a relatively short period of time of typically 120 days or fewer. Other payment plans are long-term plans that last for more than 120 days, and these types of payment plans are known as installment agreements.
Depending upon the type of payment plan you are seeking, you may need to pay a fee. It is important to start the process of seeking a payment plan as soon as you know you will be unable to make your full tax payment. In addition to the possibility of a fee associated with your payment plan, you should also be aware that interest will accrue on the taxes you owe, and you may be responsible for paying penalties.
Installment agreements will usually require monthly payments, which the taxpayer can pay via direct debit from their checking account or through one-time payments that the taxpayer will need to make each month. There is a fee associated with both payment options, but low-income taxpayers can seek to have the fee waived.
Contact Ronald Cutler, P.A. for Assistance with an IRS Installment Agreement
For many individuals and businesses, it is necessary to work out a payment plan with the IRS in order to pay the tax debt you owe. There are various options when you are having difficulty paying your tax debt in full, and you can seek help from a lawyer who can discuss your options with you. When you owe taxes but need additional time to pay and want to seek an installment plan, you should know that an experienced Naples IRS installment agreement attorney at Ronald Cutler, P.A. is here to assist you.