When facing a hefty tax bill, you may not be able to make an immediate payment of the full amount, leaving the weight of the full amount hanging over you. Fortunately, the IRS offers Installment Agreements that allow taxpayers to pay off their tax debt in manageable segments over time based on an agreed schedule.
While offering hope, securing an Installment Agreement requires careful preparation and documentation to demonstrate your financial situation and ability to make timely payments. A skilled tax resolution attorney could be a valuable asset to help with document preparation for IRS Installment Agreements in Phoenix. Call Dayes Law Firm today for help navigating the process and ensuring your application is complete and accurate with the best presentation possible.
What Is an IRS Installment Agreement?
An IRS Installment Agreement is a payment plan that allows tax-burdened taxpayers to pay their full tax debt over time, typically in monthly installments. This option provides equitable relief for those who cannot afford to pay their entire tax liability at once, thus preventing more severe collection actions such as levies or wage garnishments.
To qualify for an Installment Agreement, you must meet the eligibility criteria and provide the IRS with detailed financial information demonstrating your ability to make regular payments toward the eventual satisfaction of the full debt. Call Dayes Law Firm in Phoenix today for help with the difficult task of preparing all your IRS Installment Agreement documentation.
What Documents Are Needed for an Installment Agreement?
The IRS requires specific documentation to evaluate Installment Agreement requests. These initial documents provide an overview of your financial situation, including your income, expenses, assets, and liabilities. The key documents you need to gather include the following:
- Form 9465 initiates the Installment Agreement process and provides information about your tax liability and proposed monthly payment amount
- Form 433-F is a Collection Information Statement that provides a simplified overview of your financial situation
- Financial statements for the past several years to support the information provided on Form 433-F
- Tax returns for the past several years
Although these documents will get you started, our Phoenix lawyers can help you prepare further documents for Installment Agreements if you have a more complex financial situation or owe a significant amount. In these circumstances, the IRS may require more detailed forms such as Form 433-A (OIC) or Form 433-B (OIC), which are Collection Information Statements for wage earners/self-employed individuals or business owners, respectively.
How a Phoenix Attorney Could Help With Document Preparation
Preparing the necessary documents for an Installment Agreement is a time-consuming, tedious, and confusing process. A skilled Phoenix attorney could provide invaluable assistance with your Installment Agreement application by ensuring your prepared documents are accurate and complete. Dayes Law Firm could offer support in organizing your financial information and preparing a clear and concise presentation of your finances.
We help you determine a reasonable monthly payment amount based on your ability to pay and the IRS’s guidelines. Once an Installment Agreement request has been made to the IRS, we communicate with them on your behalf and negotiate a favorable payment plan. However, if you default on your Installment Agreement, your attorney could help you reinstate the agreement or explore other options to resolve your tax debt.
Call a Phoenix Attorney Today for Help Preparing Your IRS Installment Agreement Documentation
If you are struggling with tax debt, seek professional help to pursue an Installment Agreement instead of hoping your debt will disappear. We have the knowledge to guide you through document preparation for IRS Installment Agreements in Phoenix, ensuring your application is strong and complete while advocating for your best interests with the IRS. Tax debt does not have to control your life—take action today by calling Dayes Law Firm, and seek legal assistance to manage your tax liability and achieve financial peace of mind.
N/a
