Raleigh Tax Installment Plan Lawyers

The IRS has broad power to bully you into paying your tax obligations. While the law allows these authorities to seize your assets, it is important to remind yourself that you have rights. If you are unable to pay your tax liability in a lump sum, installment agreements can be a proactive solution to pay what you owe. These plans could potentially get you back on your feet. However, installments plans are extremely technical. Some plans have a wide range of eligibility requirements and various recouping amendments hidden in the tax code. Additionally, some plans offer different interest rates depending on your financial status. You should never enter into an agreement with the IRS without having first consulted with a local tax debt attorney.

For over two decades, Bradford Law Offices has been a pillar of the Raleigh community. We have fought against the IRS on behalf of families, businesses, neighbors, and friends throughout the region. Our tax debt attorneys know how easy it can be to fall into debt and have dedicated themselves to helping our clients regain their debt-free life. Don’t let tax debt control your life any longer. Contact us at (919) 758-8879 to learn more about your rights and legal options.

Why Choose Us?

At Bradford Law Offices, our mission is to protect you with our experience. Since 1996, we have defended our client’s wealth and freedom through a proven record of results in negotiations with the IRS. The IRS collects taxes through a blanketed approach that does not acknowledge each individual’s unique financial situation. This system of tax collection could make paying your debt unmanageable. The tax debt attorneys at Bradford Law Offices will help to tackle your debt problem and protect your interests by offering expert guidance. This high-quality legal advice is essential when navigating your way through the IRS’s complex installment agreements. Our attorneys are prepared to wade through the complicated tax codes and regulations to find the right plan for you. Call our office at (919) 758-8879 to for help today.

Types of Installment Plans

Installment plans are a workable solution for people who are buried under a mountain of tax debt. Through this agreement, the IRS will allow you to satisfy tax, interest, and penalty obligations with monthly payments. However, these installment agreements are extremely intricate. At Bradford Law Offices, we have two decades of experience in handling countless clients in the Raleigh area. Our tax debt attorneys are well-versed in the wide spectrum of technicalities that you may encounter with your installment agreement. The IRS has four different installment plans: Guaranteed, Streamlined, Non-Streamlined, and Partial Payment.

Guaranteed Installment Agreement

For a taxpayer to qualify for a guaranteed installment plan, the IRS requires the following:

  • The taxpayer owes less than $50,000 (not counting penalties and interest)
  • The taxpayer is unable to pay the tax liability when due or within 120 days
  • The taxpayer has filed tax returns, paid taxes owed, and not entered into an installment agreement for at least five years before the incident
  • The taxpayer will pay the tax liability within three years
  • The taxpayer will pay a minimum monthly payment (tax liabilities, interest, and penalties divided by 30)

Under this agreement, the IRS will not file a federal tax lien against the taxpayer. However, you should always consult with an experienced tax debt attorney before entering into an agreement with the IRS.

Streamlined Installment Agreement

Negotiating with the IRS is tough, but the attorneys at Bradford Law Offices can help. In some cases, if a taxpayer qualifies for a guaranteed installment agreement, they may also qualify for a streamlined installment agreement. The IRS has specific requirements to qualify:

  • The taxpayer owes less than $50,000
  • The taxpayer can pay the tax liability, penalties, and interest within 72 months
  • The taxpayer’s monthly payment to the IRS is equal to or greater than the “minimum acceptable payment” (the minimum acceptable payment is the greater of $25 or the minimum payment amount reached by dividing the tax liability, interest, and penalties by 50)

Like the guaranteed installment agreement, the IRS does not file a lien, but the taxpayer must pay a fee to set up this installment program. Speak to one of our tax debt attorneys today to learn if this installment plan is right for you.

Non-Streamlined Installment Agreement

The non-streamlined agreement allows taxpayers who owe $50,000 or more to make monthly payments to the IRS. But the IRS will not automatically enter into this agreement. Instead, the taxpayer must file a Form 433-F, Collection Information Statement. This form collects information about living expenses, assets, income, accounts, debts, and lets the taxpayer propose an amount for monthly payments.

This installment plan forces the taxpayer to negotiate with the IRS. With high-quality legal advice, you can better protect your interests. Call our office at (919) 758-8879 today.

Partial Payment Agreement

If you are unable to pay the tax liability, you may qualify for a partial payment agreement and pay a fraction of your tax liability. To be eligible for this plan, the taxpayer must fill out a 433-F Form to report living expenses and income. Next, the IRS will review the financial statement and verify the information. If approved, the IRS will conduct financial reviews every two years to ensure compliance. Depending on the circumstances, however, a skilled tax debt attorney could decrease the monthly installment payments to further reduce your tax liability.

How Can the IRS Revoke My Installment Agreement?

Once approved, the terms of any installment agreement legally bind the IRS and the taxpayer. However, the IRS can revoke the agreement under the following circumstances:

  • The taxpayer does not file tax returns or pay taxes after entering the agreement.
  • The taxpayer misses a payment
  • The taxpayer’s financial condition dramatically changes for better or worse
  • The taxpayer provides false or misleading information in the financial statement forms.

The IRS will seek to collect the money it feels it is owed, so you need to have an experienced tax debt resolution attorney on your side to make sure that your interests are protected. Don’t hesitate to call Bradford Law Offices for help.

Contact Us

Is an insurmountable tax debt looming over your head like a dark cloud? Does the future of your family, finances, and freedom hang in the balance? Bradford Law Offices has knowledge and experience to help you turn your life around. With the right legal representation by your side, you can reduce your tax burden or drop it altogether. Call our office at (919) 758-8879 to speak with one of our tax installment plan attorneys today.

Written By: Danny Bradford Last Updated: June 22, 2022