Find An IRS Debt Payment Plan That Works For You
At LBS Tax in Chandler, AZ, we understand how challenging it is to be in debt with the IRS. Watching the numbers climb higher and feeling hopeless that you’ll never be able to pay it off can fill you with dread. But there is hope. Our team of tax specialists works closely with you and the IRS to find mutually beneficial solutions. We can help you reduce the amount owed and find a reasonable payment plan that works for you.
The IRS debt payment plans are designed to help those who can not afford to pay off the full amount of their taxes due. As with most assistance programs, to qualify for a payment plan, you must be up-to-date with all your current tax filings and not in bankruptcy proceedings. If you owe thousands in back taxes and aren’t sure how to pay them off, call the tax debt experts at LBS Tax Services today!
Payment Plan for Taxes
When it comes to paying off your tax debt, you have options. But first, you should meet with one of our specialists and see if you qualify for an offer in compromise (OIC). An OIC significantly reduces the amount you owe and makes it easier to pay off your debt. We have years of experience helping our clients take thousands off their total debt.
The most common payment plan for tax debt is an installment agreement (IA), a direct debit installment agreement allowing you to pay down your debt monthly. There are two options when it comes to payments: short-term and long-term.
Short-Term Payment Plans:
are available if you owe $100,000 or less and can pay off the balance in 120 days or less.
Long-Term Payment Plans:
are available if you owe $50,000 or less and can pay off the balance in 120 days or more.
While installment agreements can be beneficial for many people, you must also consider that you will have to pay any late fees, penalties, and interest rates that accrue over the time it takes you to pay off your debt. If you are a low-income taxpayer, you may be able to have some or all of the IA setup fees waived.
Offer in Compromise
Navigating tax debts with the IRS can be daunting, but our Offer in Compromise (OIC) service provides a pathway to resolve your tax liabilities affordably. We negotiate with the IRS through an OIC to settle your tax debt for less than the total amount owed. This program offers a fresh start for individuals and businesses struggling with tax burdens, providing a manageable solution tailored to your financial circumstances. Our team at LBS Tax Services will guide you through the OIC process, ensuring every step is handled with expertise and precision. Contact us today to explore how an Offer in Compromise can help alleviate your tax worries.
IRS Payment Plan Coronavirus
The Coronavirus pandemic has caused newfound hardships for millions of Americans, so it should be no surprise that it has also affected people’s ability to pay back taxes. As many people have lost their jobs or experienced a significant reduction in their income, the IRS is continuously working to provide relief to those in debt.
IRS Debt Initiatives
- A focus of First-Time Penalty Abatement (FTA) waivers will help taxpayers who failed to file, pay, or deposit penalties for the first time.
- If you have received notice of tax debt up to $250,000, the IRS will offer an installment agreement without a lien filed.
- They are extending short-term payment plans from 120 days to 180 days.
- It provides more flexibility in getting an installment agreement without financial verification.
- Relief options for taxpayers needing help meeting the terms of previously accepted offers.
If the Coronavirus has affected your ability to pay off your tax debt, call LBS Tax Services today and meet with one of our experienced tax specialists.
Local Tax Relief Services in Chandler, AZ
At LBS Tax, we aim to help the residents of Chandler, AZ, and the surrounding areas with their tax returns, debt, and other financial and tax services. We will work with you and the IRS to find the best type of agreement. Our team has decades of experience and the skills to ensure you get the best possible income tax returns and owe the lowest possible amount on your debt. Call us today to schedule a free, no-obligation consultation and get started on the path to financial freedom!