Of the various options for taxpayers dealing with IRS tax liability issues, the IRS Regular Installment Agreement (IA) and the IRS Partial Pay Installment Agreement (PPIA) are the most used. To get a better understanding, let’s go over each plan type and its respective benefits and qualifications. What is an IRS Installment Agreement? An IRS…
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A Partial Payment Installment Agreement (“PPIA”) allows you to pay off your tax debt for less than the total amount you owe. This agreement puts you on a monthly set amount payment, which then ceases as of the Collection Statute Expiration Date (“CSED”). Once the CSED has occurred, any tax balances tied to this date…
Continue reading ›Certain taxpayers are surprised that they owe additional income taxes yearly even though their employer withholds taxes from their weekly paycheck. Having an outstanding tax debt is not as uncommon as you think, and there are many reasons it could happen. About 24% of all Americans owe back taxes. If you’re among them, you know…
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