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Installment Agreements

If you are an individual who is struggling with tax debt, an IRS or State wage garnishment or bank account levy, it could put a substantial strain on your finances leaving you unable to cover the costs of basic needs for you and your family. It is often possible to negotiate an Installment Agreement to pay back the debt in this situation. This sounds simple, but it is important to make such an agreement correctly. If you agree to monthly installments that you end up not being able to afford, it will set you back even further. The IRS and State taxing authorities may refuse future Installment Agreements due to the initial agreement being breached or, if they grant a second, it most often comes with even higher payment expectations.

Installment Agreements

At Golden Lion Tax Solutions, we have 24+ years of experience in tax debt solutions and can help set up a realistic installment plan that will help get you back on the right track. We will always aim for the most reasonable repayment terms and will work to protect you and your assets from wage garnishments, bank levies, and seizure threats.

It is important to note that Installment Agreements should only be used where you are unable to settle your tax debt in one lump sum as it will accrue additional penalties and interest. However, it is a useful solution if a one-off payment is not a viable option.

There are four different types of Installment Agreements accepted by the IRS to address individual tax accounts:

  • Guaranteed Installment Agreement
  • Streamlined Installment Agreement
  • Partial Payment Installment Agreement
  • Non-Streamlined Installment Agreement

State Hardship Installment Agreement

In most states, it may be possible to agree to a State Hardship Installment Agreement to resolve tax debt. A nominal payment will be required over the initial 6 to 12-month period, then a reconsideration will be required to renegotiate the installment repayments.

Disclaimer: There are requirements that must be satisfied in order to qualify for some of the tax solutions we discuss on our website. Not all of our services will be suitable for every client. Golden Lion Tax Solutions is here to help you find the most appropriate resolution strategy to fit your situation.