Alexandria Installment Agreement Lawyer

There are times when taxpayers file their returns to the IRS, only to be unable to immediately pay the amount owed. This can result from a sudden emergency expense or because the quarterly payments made by a self-employed person underestimated what was actually owed.

While failing to pay your taxes is a problem, there are options for resolving this issue that can avoid the more significant consequences. It may be possible to pay the obligation through an installment agreement with the help of a seasoned IRS collections attorney. Let an Alexandria installment agreement lawyer advise you if you are eligible to pay your owed taxes in monthly increments.

What is an Installment Agreement?

These agreements are one of tools the IRS commonly uses to allow a taxpayer to get caught up on their past-due obligations. It is possible to come into compliance by entering into a payment plan, and it tends to be an option for many individuals and businesses because it does not require the federal government to waive any of what is owed.

An Alexandria attorney can identify when an installment agreement can lead to the payment in full of the amount owed in a reasonable amount of time. While payments are typically made on a monthly basis, the IRS has flexibility to agree to a different arrangement.

Getting an arrangement in place is important, because otherwise taxpayers are out of compliance and owe the full amount immediately. In most cases, these agreements have a scheduled end date and that will result in payment of the total balance. These plans can take years to pay off, and the IRS will periodically review a person’s finances to determine if they are able to increase the amount of each payment.

What are the Benefits of an IRS Payment Plan?

There are a few important reasons why reaching an agreement with the IRS is in your best interests. First and foremost, the government will halt any efforts to collect what you owe as soon as the plan is accepted. This prevents them from efforts like levying your bank accounts, placing a lien on your home, or garnishing wages. For most people, avoiding these collection efforts in exchange for regular, manageable payments is reason enough to make a deal with the IRS.

Another reason why working with an Alexandria installment agreement attorney is a good idea is because these benefits could kick in before the IRS ever accepts the terms. In addition, the IRS will agree to halt any attempt to collect what is owed when a plan is pending.

Installment agreements can be considered pending for some time. Until the IRS makes a determination, you could avoid disruptive efforts to collect, which also gives you additional time to save up for your first payment.

The IRS might even provide you with a grace period if the plan is ultimately denied. You could have any collection activity suspended for the 30 days after you receive notice that the plan is rejected.

Learn How an Alexandria Installment Agreement Attorney Brings You Back Into Compliance

Working out a deal to make up the taxes you owe to the IRS is one of the best ways to avoid collection efforts or penalties. However, it may be difficult to secure the right agreement that you need without the help of an Alexandria installment agreement lawyer. Reach out to Pontius Tax Law as soon as possible to discuss your options during a private consultation.