The best and easist solution for many of my clients in the Plano and Richardson areas of Texas, who come to me owing the IRS, is to set up on a Streamlined Installment Agreement. There are a few different types of Installment agreements that I covered last week. These included a Streamlined Agreement, Regular Agreement, and Partial Pay Agreement.
Regular Agreements and Partial Pay Agreements require that the Taxpayer complete and provide a Copy of a Form 433 to the IRS and the IRS must approve the installment payment amount. Form 433 can be confusing can be time consuming for Taxpayers who need to complete it and waiting for IRS approval can be stressful.
Streamlined agreements, on the other hand, don’t require the completion of Form 433 and do not require IRS approval if the Taxpayer meets the requirements. There is good news. In 2016, the IRS initiated a test program which expanded the qualify criteria and that expanded criteria was written permanently into the Internal Revenue Manual in late 2018.
What are the Requirements to Qualify for a Streamlined Agreement
- The Amount of Debt Can be up to $100,000 (Previously $50,000).
- The Time of Repayment Can be up to 84 months.
- However, the payment must sufficient to full pay the debt by the time of the IRS 10 Statute of time to collect tax debt.
- The Taxpayer, as with most Tax Resolution Alternatives, must be and stay tax compliant to qualify.
If you need help in Setting up an Installment Agreement with the IRS or getting into tax compliance, I’d be happy to talk with you. If you are in Richardson, TX or beyond, feel free to contact me at Bob Jablonsky, EA at (972) 821-1991 or at bob@jablonskyandassociates.com. You can learn more about us on our website at https://jablonskyandassociates.com/
Watch our Video to Learn More
Comments(2)