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

If you owe taxes but cannot pay them on time, you may be able to pay your taxes over time with an installment agreement or payment plan. While it is often in an individual’s or a business’s best interest to pay the full amount of taxes on time without applying for a payment plan, various situations can arise that can make it difficult or even impossible for an individual or business to pay the full amount of taxes by the deadline. In these scenarios, an installment agreement may be the best option. However, you cannot just automatically have an installment agreement or payment plan. You will need to apply for an installment agreement, and you may need to negotiate one with the IRS. This process can be complicated, and it is essential to have an experienced Tampa IRS installment agreements attorney on your side.

What is an Installment Agreement in Tampa?

If you owe federal taxes, you may be eligible to apply for a long-term payment plan, which is also known as an installment agreement. Not all payment plans are installment agreements. In general, there are three different options you have for paying your taxes to the IRS: paying immediately when the taxes are owed, setting up a short-term payment plan (which lasts for fewer than 120 days), or setting up a long-term payment plan or installment agreement (which last for more than 120 days).

According to the IRS, a payment plan is any “agreement with the IRS to pay the taxes you owe within an extended timeframe.” If you know you will not be able to pay your taxes immediately, you should request a payment plan. Short-term payment plans do not result in a user fee, but an installment agreement usually will.

Options for an Installment Agreement with the IRS

If you need to apply for an installment agreement, you will generally have one of two different options for paying the amount you owe in more than 120 days with monthly payments:

  • Make monthly payments through direct debit (typically from your checking account) with a Direct Debit Installment Agreement (DDIA). This type of installment agreement can be applied for online with a $31 setup fee. If you do not want to apply online or cannot do so, you can apply by phone, through the mail, or in-person by paying a $107 setup fee. For low-income parties, you can apply online, by phone, or in-person and be eligible to have the setup fee waived. In addition to any setup fee, you will be required to pay any penalties and interest that accrue until your total tax debt balance is paid in full.
  • Apply for a long-term payment plan, and then do one of the following to make payments: Direct Pay from a checking or savings account for individuals, make monthly payments electronically online or by phone through the Electronic Federal Tax Payment System (EFTPS), or pay monthly by check, money order, debit card, or credit card. This option costs either $149 for online setup or a $225 setup fee if applying by phone, through the mail, or in-person. Penalties and interest will also accrue.

Contact an IRS Installment Agreement Lawyer in Tampa

Do you need assistance with an IRS installment agreement? A Tampa IRS installment agreements attorney can assist you. Contact Ronald Cutler, P.A. to learn more.

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