In our recent blog posts, we’ve been covering some of the different types of tax resolution services. Many people are unaware of the options available to them and our blog series is here to show you that there are solutions! Whether it’s Offer in Compromise, Currently Non-Collectible, Penalty Abatement, the Partial Pay Installment Agreement, or as we discussed in our most recent blog posts, Installment Agreements, with the help of an experienced tax resolution specialist, there is hope!
If you or your business are struggling with tax debt, IRS penalties or fees, or are in need of rush tax relief or expedited tax services, contact one of the tax relief professionals at Bullseye Tax Relief today at (844) 582-3323 or email@example.com. We offer a free consultation and transcript analysis for new clients!
As we mentioned above, our last blog post, Tax Resolution Services: Installment Agreement, covered the basics of Installment Agreements. If you’re unfamiliar, according to our Installment Agreement Service Page, if you can’t afford to pay what you owe to the IRS in full or in less than 120 days, the IRS allows you to break down that debt into monthly installments so that it is easier to pay down. An installment agreement allows you to pay down your tax debt while avoiding wage garnishment, levies and collections. However, as we pointed out in our previous blog post, with an Installment Agreement, you are still accruing penalties and fees on the tax debt owed to the IRS.
That is why it’s so important to seek the help of an experienced tax resolution specialist when you’re looking to navigate out of your tax debt to the IRS!
Types of Installment Agreements
Another reason it’s so important to work with a tax resolution specialist like Bullseye Tax Relief when you’re trying to find tax debt relief is because within the different types of tax resolution services, there are different subcategories and options! It can be confusing to navigate on your own. But we’re here to help! So without further ado, here are the four main types of Installment Agreements:
- Guaranteed IRS Installment Agreement
- Streamlined Installment Agreement
- In-Business Trust Fund Installment Agreement
- Partial Payment Installment Agreement
The first three Installment Agreements have varying requirements, based on the amount of tax debt, the timespan required to pay off the debt and even the type of entity the taxpayer is, whether an individual or a business. But they all require that the tax debt is repaid in full. Meanwhile, the fourth Installment Agreement on the list, the Partial Payment Installment Agreement, which we discussed at length in our recent blog posts, Partial Payment Installment Agreement – What is it? and Partial Payment Installment Agreement vs. Offer in Compromise – What are the differences?, can allow taxpayers to actually pay less than the total amount owed. To learn more about the Partial Payment Installment Agreement, also known as the IRS PPIA, view our previous blog posts or check out our Partial Pay Installment Agreement Service Page.
In our next blog post, Tax Resolution Services: Types of Installment Agreements, Continued, we’ll go into further detail about the remaining three Installment Agreements.