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Although an Installment Agreement with the IRS may seem like a "reasonable solution" to your IRS problem, it may not be your "best tax relief option" for you. Before you agree to an IRS repayment plan, consult with an experienced tax professional.
Did you know this? If you enter into an Installment Agreement (repayment plan) with the IRS that allows for partial payment of the amount due, you'll likely have to sign a form waiving the ten-year limitations period (Statute of Limitations).
If your Statute of Limitations period is nearing its end and you still owe the IRS substantial money, IRS agents may seem friendly and "cozy up to you" and offer you an Installment Agreement. The IRS doesn't care about you. The IRS wants to close your file. An Installment Agreement will close your file.
Consider carefully before agreeing to any Installment Agreement. You may be better off refusing to extend the deadline and let the IRS collect whatever it can before time runs out.
The IRS always has 2 goals. Collect money and close a collection file. Getting a confused, anxiety-filled taxpayer to quickly agree to an Installment Agreement accomplishes both goals. The confused anxiety-filled taxpayer may, temporarily, feel a sense of relief because "it's now over." But it may not be over. If a payment is missed, the agreement defaults and the IRS resumes enforcement. You are back where you started. Also, penalties and interest will keep accruing. By the time your tax debt is paid, you will have paid, approximately, double the original assessed tax debt.
Before you get yourself into a "bad deal" speak to an experienced IRS problem solver. You could be eligible for an IRS Hardship. Maybe you are eligible and qualified for an IRS settlement of the tax debt. Maybe your payment can be reduced further. It's always a good idea to gather all the information available.
You can call our teams for a free, no-obligation consultation. Our consultations usually take 20 or 30 minutes. During our conversation with you, we can determine the best course of action to limit your tax liability. Entering into a payment plan with the IRS is the last tax relief option.