Tax Relief Installment Agreement
Negotiation of a State or IRS Installment Agreement (IA) has a plethora of variables to consider before settling on a sustainable monthly commitment.
Do you need more time to pay you State or IRS taxes owed? Once an IRS Tax Debt is demanded, the IRS will want the IRS Tax Debt to be paid in 10 days.
Taxpayers who do not have the ability to pay tax balances owed in full will usually travel down this path for a solution. Be careful, going it alone with this scenario is where a clear understanding of your state of circumstances needs to be identified. Most often, the IRS will dictate the terms of the IRS payment plan regardless of your ability to keep these arrangements.
The IRS has 10 years to collect outstanding tax liabilities. This is measured from the day an IRS tax liability has been assessed. A tax liability can be finalized in a umber of ways. It could be a balance due on an IRS tax return, an assessment from a tax audit, or a proposed assessment that has become final. From that day, the IRS has 10 years to collect the full amount, plus any IRS penalties and Interest.