EP04: Settling Your Tax Debt For Less: The IRS Partial Payment Installment Agreement
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The IRS has a variety of payment plan arrangements that you can make. One of the best ones is called the Partial Payment Installment Agreement. This allows you to pay your tax debt for less than the full amount owed. It's very similar to the Offer In Compromise. What's different is that the IRS won't take into account your assets. So this is an excellent plan for someone with a lower monthly income, but they have assets like a home or retirement account. The IRS will only look at your monthly income and the expiration of the tax debt. So they'll allow you to make a payment on a monthly basis until the tax debt expires for under the full amount.
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with JLD Tax and call us at 201-479-2572 or visit us at www.jldtax.com.
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