Partial Pay Installment Agreement Frequently asked questions
We now have an FAQ list that we hope will help you answer some of the more common questions regarding partial payment installment agreement.
1. What is a partial payment installment agreement?
A partial payment installment agreement is when you are not able to pay the full amount of the liabilities before the expiration of the collection period.
This is complicated and requires a detailed analysis of your income, expenses, and assets.
2. Do I qualify?
It all depends on the current regulations and your particular case.
3. What do you do?
- We contact the IRS.
- We request your record.
- We calculate your balance due.
- We check for unfiled taxes.
- We review all the data in your file.
- We will recommend which option is best.
- We will prepare the appropriate forms with the information you provide.
- We handle the contact with the IRS.
4. Does the IRS charge a fee?
Yes the IRS charges fee to establish an installment agreement.
5. Is it offered to everyone?
While generally yes, the IRS has requirements that have to be met for every option that they cover. The best thing is to contact us to see if you qualify.
6. What information do I need to gather?
- Sign our agreement.
- Sign our representation form.
- What is your monthly gross income?
- What is your monthly net income?
- How much is your payroll tax deduction?
- What is your total monthly income?
- What is your monthly expense total?
Don’t worry we guide you through it.
7. How long does it take?
Depending on your file, information gathered, compliance, and resolution chosen.
It can be immediately, or take months.
If we appeal, then add six months.
8. Will interest and penalties continue?
Yes. The IRS will continue to charge interest until paid in full, and failure to pay penalty up to 0.25%.