IRS Installment Agreements

IRS Installment Agreements can sometimes easily end tax collection woes. But note: Interest and Penalties will still grow.

The Internal Revenue Service has a simplified method for taxpayers that owe less than $25,000 total taxes. The IRS has a simple form 9465 that can be filed directly by the taxpayer. The IRS will usually approve the installment payment plan if it is for equal monthly payments for less than 3 years. For example, if $10,000 is owed and the plan is $400 per month, the requirement is met. Sometimes, the IRS will allow a 5 year (60 month) payment plan.

If the Balance is $10,00 or more the IRS will file a Federal Tax Lien.This will seriously hurt your credit score and make it almost impossible to borrow money at reasonable rates!

If more than $25,00 is owed in total tax, or if the taxes are payroll taxes for several periods, you need to call Ronald J. Cappuccio, J.D., LL.M.(Tax) Lawyer at (856) 665-2121. These installment plans require much more complicated negotiations and information. The Internal Revenue Service may have a collection agent known as a "Revenue Officer" assigned to the case. The Revenue Officer will demand financial statements and supporting information before granting a payment plan. Many times a Revenue Officer will deny a plan and it needs to be appealed within the IRS.

    You must be "current" with tax filings and payments to get a monthly payment plan. If you are self-employed, that means making quarterly estimated payments. If your business has employees, the 941's and payments must also be current.

The IRS is vicious when collecting money, particularly from unaware and unrepresented taxpayers. If you owe money to the IRS, immediately call Ronald J. Cappuccio, J.D., LL.M.(Tax) Lawyer at (856) 665-2121.

Tax problems usually means your business needs financial help!

There's no one legal structure that works best for all businesses. There is no magic "bullet" to cure all business woes. Nevertheless, without tax and business planning, you business will certainly under perform or fail.

When taxes are owed it typically the business:

• has Poor bookkeeping systems;
• the owners do not know where the business stands financially;
• tax returns are late, not-filed or incorrect;
• there is no budget process;
• the business is under capitalized frequently resulting from growth without additional sources of capital.

 As a tax and business attorney, Ronald J. Cappuccio, J.D., LL.M.(Tax), (856) 665-2121 will provide you with helpful advice and help implement the reforms needed to grow your business and stop IRS and State Tax problems.

 Don't wait until the IRS or State Tax authorities are shutting down your business, levying your bank accounts, notifying your customers and scaring your employees. Get Help Now!

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