Review a payment plan in the context of your finances
An installment agreement allows an eligible taxpayer to pay a tax debt over time. The terms and information required depend on the circumstances. A payment plan should be evaluated alongside other collection options, with attention to ongoing filing obligations and the ability to maintain the agreed payments.
How the firm can help
- Reviewing the outstanding balance and current IRS collection activity
- Assessing income, expenses, and a proposed payment amount
- Communicating with the IRS about an installment arrangement
- Reviewing concerns about an existing agreement or changes in circumstances
A payment arrangement requires ongoing attention
Keep copies of IRS balance notices and any existing agreement. Contact the firm if you are unable to maintain payments or have received a notice affecting your arrangement.
Does a payment plan stop interest and penalties?
Generally, interest and applicable penalties continue while a balance remains unpaid. The costs and terms should be considered when comparing a payment plan with other available options.
Melbourne Beach, Florida — nationwide representation
McCarthy Tax Law, P.A. is based in Melbourne Beach, Florida, and represents taxpayers nationwide in federal tax controversies. Whether you are in Florida or another state, contact the firm to discuss your irs installment agreements matter and potential legal options.
Official reference: Internal Revenue Service — IRS Installment Agreements