Using Installment Agreements Effectively

When IRS payments become an issue for you, your family or business, the lawyer with the knowledge and experience that can benefit you is Glen Frost (Tax Attorney, CPA, CFP® and LLM in taxation) of Frost & Associates, LLC, in Washington, D.C., serving a broad range of taxation law clients both nationally and globally.

If a taxpayer cannot pay the tax owed in full, the taxpayer has the option of setting up an installment agreement. The IRS is generally prohibited from taking collection action (except the filing of a Notice of Federal Tax Lien) when an installment agreement proposal is pending, or when an installment agreement is in force. This important tool protects a taxpayer from a bank levy, wage garnishment and seizure of property. The same arrangement can be worked out with state taxing authorities.

The IRS has recently announced a set of relaxed rules on setting up installment agreements for individuals owing between $25,000-$50,000. The IRS will no longer require a financial collection information statement (Form 433-A or Form 433-F) for these taxpayers, and will allow them to setup streamlined installment agreements. This only applies if the taxpayer is willing to set up a direct debit installment agreement. The IRS has developed a new form — 9465-FS, to be used for taxpayers meeting the above criteria. Additionally, the IRS will allow taxpayers the opportunity to pay the balance over a 72 month period, as opposed to the 60 month period that has been traditionally offered.

For these and other IRS installment agreement facts you should know — facts that can lead to sound decisions about your tax problem — contact Frost & Associates to arrange your free initial consultation. Call 202-618-1873.

Every Tax Problem Has A Solution — Glen Frost (Tax Attorney, CPA, CFP® and LLM in taxation) Can Help You Find Yours

When determining the amount of an installment agreement, the IRS reviews the completed collection information statement and determines the taxpayer's ability to pay. It is important to note that the IRS has national and local standards for many of the expenses listed on these forms. Often, collection personnel at the IRS will persuade taxpayers who are not familiar with these forms or the Internal Revenue Manual that certain expenses they are claiming are not allowed.

As a result, many taxpayers will find the amount the IRS is saying they can pay is out of line with their current budgets. As your experienced representative, Glen Frost (Tax Attorney, CPA, CFP® and LLM in taxation) of Frost & Associates can strive to negotiate a payment arrangement that is much more reasonable.

Our law firm can guide you through an examination and completion of collection information statements such as Form 433A and Form 433B, the Form 433F financial information statement and Form 9465 installment agreement request. For taxpayers owing less than $25,000 in taxes, interest and penalties, taxpayers can use the online payment agreement (OPA) or call the number on the IRS bill or notice.

Every tax problem has a solution including an installment agreement strategy that can put your IRS legal crisis behind you. Find out more about the quality services awaiting you at Frost & Associates by calling 202-618-1873 or completing the brief contact form. Based in Washington, D.C., we serve clients globally.

Your initial consultation is free of charge. We can accommodate your need for an evening appointment.