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IRS Installment Agreement Overview & Help
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IRS Installment Agreement Overview & Help

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Understand what an IRS Installment Agreement is, the different types, which federal tax installment agreement is best for you if you owe the IRS and cannot pay in full but rather over time.

Understand what an IRS Installment Agreement is, the different types, which federal tax installment agreement is best for you if you owe the IRS and cannot pay in full but rather over time.

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  • Find blank and fillable installment agreement forms at PDFfiller.
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    You can fill the text fields, add a variety of checkmarks, digitally sign the form and even add pictures. After your pdf form is completed, it can be printed, emailed, faxed or saved on your computer. You can even send fillable pdf forms to your customers, employees, vendors and partners.
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IRS Installment Agreement Overview & Help IRS Installment Agreement Overview & Help Presentation Transcript

  • Selecting the Right IRS Installment Agreement
    John Williams
    BackTaxesHelp.com
    Contributing Author and Tax Accountant
  • What is an IRS Installment Agreement?
    • An IRS Installment Agreement can be defined as an agreement between the IRS and the taxpayer to pay taxes over series of monthly payments that can last 3-5 years. With a PPIA or Partial Payment Installment Agreement, only part of the taxes are paid back.
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009
  • When Should an IRS Installment Agreement Be Considered?
    • An IRS Installment agreement should be considered when you are unable to pay IRS taxes in full, nor receive a better interest rate or loan from a financial institution or bank.
    • Current Interest Rate for Underpayment: 4%
    • Late Payment Penalty per month ¼% or 3% Annually
    • Total Interest Rate: 7%
    • Without an Installment Agreement: 10%
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009
  • What Are The Different Types of IRS Installment Agreements?
    • Guaranteed Installment Agreement
    • If you owe 10,000 or less (excluding penalties & Interest)
    • Streamlined Installment Agreement
    • If you owe 25,000 or less (including penalties & Interest)
    • Financially Verified Installment Agreement
    • If you owe the IRS 25,000 or more (including penalties & Interest)
    • Partial Payment Installment Agreement
    • If you owe the cannot make minimum monthly payments and prove hardship
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009
  • Guaranteed Installment Agreement
    Requirements:
    Unfiled Tax Returns Need To Be Filed
    You Can Make Monthly Payments for 3 Years
    No other Installment Agreements Present
    Cannot Have Filed for Bankruptcy or had an OIC accepted
    To Apply:
    Use Form 9465 and fill in monthly payment amount (with calculation)
    Include Setup Fee With 1st Payment and mail form with tax return
    Or Use IRS Online Payment Agreement Application
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009
  • Streamlined Installment Agreement
    Requirements:
    Unfiled Tax Returns Need To Be Filed
    You Can Make Monthly Payments for Length of Agreement (5 yr)
    No other Installment Agreements Present
    Cannot Have Filed for Bankruptcy or had an OIC accepted
    To Apply:
    Use Form 9465 and fill in monthly payment amount (with calculation)
    Include Setup Fee With 1st Payment and mail form with tax return
    Or Use IRS Online Payment Agreement Application
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009
  • Financially Verified Installment Agreement (With CIS – Form 433)
    Requirements:
    Unfiled Returns Need To Be Filed, Not In Bankruptcy or OIC Filed
    You Can Make Monthly Payments for Length of Agreement (5 yr)
    No other Installment Agreements Present and you owe over 25k
    To Apply:
    Use Form 9465 and fill in monthly payment amount (with calculation)
    Include Setup Fee With 1st Payment and mail form with tax return
    Fill out form 433-A (even F is possible these days)
    Send form 433, Form 9465, and your tax return to IRS
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009
  • Partial Payment Installment Agreement
    Requirements:
    Unfiled Returns Need To Be Filed, Not In Bankruptcy or OIC Filed
    You Can Make Monthly Payments and owe over 10k (including P&I)
    No other Installment Agreements Present
    To Apply:
    Use Form 9465 and fill in monthly payment that is affordable (calc)
    Understand remaining statue of limitations periods left on debt
    Include Setup Fee With 1st Payment and mail form with tax return
    Complete form 433-A (even F is accepted with high $ amounts)
    Send form 433, Form 9465, and your tax return to IRS
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009
  • Recommendations
    Recommendations: (More info link: IRS Installment Agreement)
    Use a tax professional (form 433-A and F are not easy)
    Tackle your tax problem sooner than later (interest and penalties)
    Consider a bank loan if you can obtain interest at a lower amount
    Reach out to tax pros for a free consultation and quote for professional services at 1-800-717-2797
    1-800-717-2797
    Does not serve as legal advice. BackTaxesHelp.com © 2009