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Parkchester, NY - Streamlined agreements – who qualifies or does not?

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Education & Training with Miller Tax & Advisory Services

The primary focus of my firm is tax representation in Parkchester, NY. Streamlined Installment Agreement is an agreement that allows a taxpayer who owes less than $50,000 in back-tax debt to pay the IRS on a monthly basis. The reason why it’s called a streamlined agreement is because it’s relatively simple to set-up with the IRS. The taxpayer can simply make the arrangements over the phone with the IRS or apply directly for the installment agreement online at the IRS website. The taxpayer would not have to provide information about his/her assets or income to qualify which is likely the attraction to this type of agreement.

In addition to having under $50,000 in back-tax debt, the taxpayer must not have had a back-tax debt or an installment agreement in the last 5 years. The taxpayer must also agree to pay the entire debt within 72 months or before their Collection Statute Expiration Date (CSED). Taxpayers who owe $50,000 or more would not qualify for a streamlined agreement. The taxpayer with back-tax debt greater than $50,000 would need to submit a Collection Information Statement (IRS Form 433) and provide additional financial information. This financial information would include the taxpayer’s monthly gross income and household expenses which would net a household amount that will likely make the taxpayer eligible for a regular installment agreement or another type of installment agreement.

If you or anyone you know owes less than $50,000 in back-tax debt, but may not be able to make the required payments under a streamlined agreement, then you may have other options. Please feel free to contact me at (917) 708-1097 or via email at millertax.ea@gmail.com.

Gail Miller, EA

Miller Tax & Advisory Services

P.O. Box 967

Parkchester, NY 10462

Ph. (917) 708-1097

www.millertaxadvisorysrvcs.com

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Thank you for the clarification because I’ve always been wondering what qualifies and doesn’t in an area like The Bronx.?

Jan 06, 2021 10:17 PM