Taxpayers are sometimes burdened with large tax liabilities for which they cannot make a lump-sum payment due to poor cash flow. Further, taxpayers' income level may disqualify them for an offer in compromise whereby they can resolve their tax liability with a reduced lump-sum payment. Nonetheless, the IRS will pursue outstanding tax liabilities with a vengeance, often resorting to liens, garnishments and seizures of property. An installment agreement may be a taxpayer's last resort to sustain a businesses or lifestyle.
What is an installment agreement?
An installment agreement is when the taxpayer and IRS agree that the taxpayer will pay the full amount of tax due, but instead of being required to pay it all immediately the taxpayer can pay it over time in installments.
What benefits do installment agreements provide taxpayers?
The IRS is not allowed to levy funds or seize property while an installment agreement is pending or in place. Installment agreements can provide much-needed relief to taxpayers, giving them more time to pay off tax liabilities without the constant threat of IRS enforcement hanging over their shoulders.
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From our office in Loveland, we provide legal counsel for individuals and business clients in communities throughout the Greater Cincinnati area and Southwest Ohio. Our offices are open for consultations from 8:30 a.m. to 5:30 p.m. weekdays. Evening and weekend appointments may be available by special arrangement. Our attorneys will often make appointments to meet at client locations.