IRS Installment Agreements IL

If you owe money to the IRS, you may feel a great deal of stress and anxiety. You know that the IRS will continue to request payment and if they don’t receive it, they will enforce penalties and fines. If you are in arrears with tax payments, you may be eligible for IRS installment agreements in IL. An experienced tax attorney will review your case and assist you with options that are available to resolve the situation.

What Is an IRS Installment Agreement?

The IRS wants payments you owe and in some cases, they are willing to agree to get regular reimbursement for past due amounts. IRS installment agreements in IL allow you to promise to make regular payments until the balance of your account is paid in full. If you have a regular income and have the ability to make payments, the IRS may allow you to make installment payments on a regular basis. Keep in mind that if you miss a scheduled payment, you could void your agreement and will need to make full payment of your debt.

Benefits of IRS Installment Agreements in IL

 There are a few advantages to seeking IRS installment agreements in IL. The most significant benefit is that the agreement stops the IRS from taking any further action against you for non-payment. Since you have an agreement in place, the IRS will no longer charge you additional late fees. Late fees alone can add up significantly, so it is definitely worthwhile to stop these extra charges. Once you enter into an agreement, you will feel peace of mind because you won’t have to worry about the IRS coming after you for past due money. In some cases, you may be able to pay less than you thought.

How to Obtain IRS Installment Agreements in IL

In order to get an agreement to repay the IRS for the money you owe, you need to request one from the IRS. There is a form that you need to fill out and submit to the IRS to get started with the process. It is helpful to seek guidance through the process from a knowledgeable tax attorney. Your lawyer understands the process and will work with the IRS to determine the payment amount and schedule that will fit your needs. It is important to include all of your IRS debts into the agreement at once. If you need to add debts later, you or your attorney can contact the IRS to add them into your payment agreement.

How a Tax Attorney Will Help

Communicating with the IRS can be challenging and it is ideal to hire a tax attorney to represent you through the process. Your lawyer will take all of the stress out of the procedure and knows the documents and details necessary to make it easier and less costly for clients. Your lawyer understands the options that are available to you in your situation and will explain everything to you in terms you can understand. To learn more about IRS installment agreements and get the legal help you need, contact DMT Law Group today at (847) 816-8100.