When payment of back taxes or other tax controversies create financial problems for yourself or your business, it is time to seek experienced legal representation. Do not wait until it is too late.
Our team of Florida tax law professionals can help protect your interests and resolve your tax issues. When the Internal Revenue Service (IRS) and other tax authorities are confronting you, your problems can feel overwhelming. However, we firmly believe that every tax problem has a solution. We are committed to finding a solution that works best for you.
If you are unable to make your IRS payments in full, you typically have the option of setting up an installment agreement. When an installment agreement is pending or in force, the IRS is generally prohibited from taking collection actions such as wage garnishments, bank levies and property seizures. The same rules apply to installment agreements for state tax purposes.
Recently, the IRS has relaxed its rules concerning installment agreements for taxpayers who owe between $25,000 and $50,000 in taxes. Installment plans are streamlined under the new rules and longer require the filing of a financial collection information statement (Form 433-A or Form 433-F). However, in order to qualify a taxpayer must set up a direct debit installment agreement. This allows the taxpayer to make repayments over a 72-month period, as opposed to 60 months under the old rules. We can let you know whether this may be the right option for you.
The IRS determines the amount of installment payments based on the forms provided by the taxpayer. However, the IRS has both local and national standards that it applies to the expenses listed on these forms. As a result, collection agents often persuade unaware taxpayers that certain expenses that have been claimed are not allowed. This means that taxpayers may end up with an installment plan that falls outside of their budgets. Our legal team will work hard to help negotiate a payment plan that is realistic and works with your budget.
We are available to help guide you through the installment agreement process every step of the way. We will assist you in completing all necessary forms and ensure that you are not required to pay more than is your budget allows. You can rely on us to help protect your valuable interests.
If you have been hit with a back taxes collection notice or are experiencing other financial problems related to a tax dispute, we may be able to help. Contact our Florida installment agreement lawyers online or call (561) 569-2090 to schedule an appointment to discuss your situation.
Get in touch today to discuss your legal matter. Frost Law is here to help!