Installment Agreements

If you’re facing tax debt and possibly an IRS or state wage garnishment or bank account levy, the financial strain can be overwhelming. In many cases, it’s possible to negotiate an Installment Agreement to pay back what you owe over time.

It sounds simple… but the details matter.

If you commit to a payment you can’t realistically afford, you risk defaulting on the agreement. That can lead to the IRS or state refusing future arrangements or, if they do grant a second agreement, it often comes with steeper payment demands.

At Golden Lion Tax Solutions, we draw on more than 24 years of experience to help you set up a realistic plan that protects your finances and your assets. We work to secure the most reasonable repayment terms possible while shielding you from wage garnishments, bank levies, and seizure threats.

It’s important to note that Installment Agreements should only be considered when you can’t settle your debt in a single lump sum. While this option will allow you to make payments over time, interest and penalties will continue to accrue. Still, it can be the right solution when immediate full payment isn’t possible.

The IRS offers four types of Installment Agreements for individuals:

• Guaranteed Installment Agreement

• Streamlined Installment Agreement

• Partial Payment Installment Agreement

• Non-Streamlined Installment Agreement

State Hardship Installment Agreements may also be available in certain states. These typically require a nominal payment for the first 6 to 12 months, followed by a review and renegotiation of the payment terms.

Choosing the right type of agreement and setting terms that won’t put you right back into financial distress requires careful strategy and skilled negotiation.

If you want a tax debt resolution firm that will keep your best interests in mind as we battle on your behalf to address your IRS or state tax debts, reach out to the team at Golden Lion Tax Solutions.

There is ALWAYS a solution, and we are the experts at getting it done.