How to set up a installment agreements with the IRS? Tax debt settlement, tax relief tax resolution.
January 29, 2020
Partial Pay Installment Agreement may offer a longer repayment term than the typical 36 or 72 months you get with the more conventional guaranteed and streamlined.
Partial pay installment agreements are the IRS’s answer to taxpayers who can afford to make monthly payments, but could never repay their entire tax debt in time. You see, the IRS only has 10 years to collect taxes from the date they were assessed.
Once the time is up, the debt is forgiven. Although the IRS has special collection powers, such as tax liens and tax levies, these have little effect on taxpayers who already have bad credit and don’t have many assets. In such cases, the IRS may reduce your tax bill and allow you to pay the balance with a payment plan.