Tax Payment Agreements/Tax Installment Agreements
The IRS and state governments will often allow taxpayers to enter into tax payment agreements or installment agreements. These agreements typically allow taxpayers to pay their tax debts over time and they are often necessary to make the payment of tax debts manageable. Payment agreements or installment agreements can be particularly useful if they are combined with other tax debt reduction strategies.
However, payment or installment agreements are not always the best option for handling tax liabilities. These types of agreements do not halt the running of interest or penalties. Moreover, most of these agreements require taxpayers to admit that the tax is owed and waive certain appeals rights that they may have. As such, payment agreements should be the remedy of last resort if the taxpayer does not qualify for other more favorable tax reduction strategies.
An experienced tax attorney can help you determine whether you should enter into a payment or installment agreement or whether you qualify to take advantage of other tax strategies.
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