If the amount owed to the IRS is more than $50,000, a taxpayer can enter into a regular or routine Installment Agreement to pay off the tax owed. Taxpayer is required to provide financial information in the Collection Information Statement with supporting documents. The IRS analyses the financial information to verify taxpayers ability to pay and to determine the agreement amount.
The IRS typically looks at the monthly income and expenses to determine how much money is available to the taxpayer to pay per month. The IRS uses National Standards to determine allowable expenses. Financial analyses is a critical step in the processing of an installment agreement.
At Tax Relief Central we prepare the financial information forms and negotiate with the IRS to get a favorable installment agreement for our clients. Call us today at (602) 904-6535 or schedule a free initial consultation online to set up an installment agreement that works for you.