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Installment Agreements
If you can’t pay your taxes and can’t borrow money
to do so, an Installment Agreement is the most popular alternative.
Although you do not have an absolute right to an installment agreement, generally
they are available.
Before you can get one of these payment plans the I.R.S. will insist on the following
minimum conditions:
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That
you have filed all income tax returns, |
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That
you have filed all employment tax returns, |
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That
you have paid all payroll taxes for the most recent quarter,
and, |
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That
you file a Financial Statement if the amount of tax is
over $25,000. |
Agreements come in two sizes: more than $25,000 in tax liability
and less than that amount.
The I.R.S. will grant an Installment Agreement to pay over
a maximum of 5 years.
For an amount over $25,000 the I.R.S. will insist on the completion
of a Financial Statement.
If you give the I.R.S. a financial statement, that information
becomes a road map to your assets in the event they later decide
to levy on your assets.
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