Thursday, November 15, 2007

Installment Agreement: Partial Payment- by Tippy Taxes

There is another form of installment agreement that the IRS recognizes and that’s the Partial Payment Installment Agreement. This is were the taxpayer has submitted a full financial statement and can only pay a portion of their debt over the course of their statute; (i.e. Taxpayers debt is $100,000.00; the monthly payment the taxpayer can pay toward that debt is $500.00. $500.00 x 12 months is $6000.00 x 10 years equals $60,000.00), hence, partial payment installment agreement. This became an option January 17, 2005. Prior to that date the taxpayer was left with only the option to full pay.For additional articles "Installment Agreement" "Streamline Installment Agreement" and So you owe the IRS - What next?.
-Shared by Tippy Taxes

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