What is an IRS Payment Plan?

Most people qualify to make payments on the IRS debt over time. The IRS typically calls these “installment agreements”.

There are different kinds of IRS installment agreements.

Some are set up to pay the IRS debt in full before the collection statute expiration date expires, some pay only a portion or even none of

What Is an IRS “full Pay” Installment Agreement?

Most individuals with IRS debt will qualify to make payments on the IRS debt over time. The IRS typically calls these “installment agreements”.

There are IRS installment agreements that only pay a portion of the IRS debt before the IRS collection statute expiration date expires barring the IRS from collecting the remainder.

What Is an IRS “non-Streamlined” Installment Agreement?

An IRS non-streamlined installment agreement is an agreement a taxpayer makes with the IRS to pay a tax debt in full when it is between $50,000.00 and $250,000.00. The taxpayer must agree to pay the debt in full on or before time that remains before the IRS’ collection statute expiration date runs out.

What Is an IRS “streamlined” Installment Agreement?

An IRS streamlined installment agreement is an agreement a taxpayer makes with the IRS to pay a tax debt in full that is less than $50,000.00 over 72 months or the remaining time on the IRS’ collection statute period. These types of agreements are very common and come with some benefits for certain

The IRS garnishes paychecks and issues levies on accounts every day. It can seize homes, 401k’s, business equipment and almost everything else.

It’s powerful.

So powerful in fact, that if you owe it more than 62,000… it can restrict your ability to travel.

Internal Revenue Code Section 7345 provides the IRS the power to do this.

Most people who owe

The law under Internal Revenue Code Section 6330 requires that the IRS send out a “Final Notice of Intent to Levy” before it can actually levy an account or garnish a wage.

It usually follows the law in this regard, and sends a specific letter out by certified mail typically designated as an LT11 Letter in the upper right hand