Tax Resolution: Recently Revised Rules for IRS Streamlined Agreements
Posted on Tue, Jan 31, 2012 @ 12:41 PM
Recently the IRS eased up on the rules associated with smaller tax debts. Taxpayers with tax obligations up to $50,000 can now enter into streamlined agreements with up to 72 months to pay their tax obligations. These new rules have increased the liability for streamlined agreements from $25,000 to $50,000. Furthermore, by setting up a monthly payment plan, the IRS is now allowing up to 72 months for repayment.
A request for an installment agreement can't be turned down if the tax owed is less than $10,000 and all three of the following apply:
- During the past 5 tax years, you (and your spouse if filing a joint return) have timely filed all income tax returns and paid any income tax due, and have not entered into an installment agreement for payment of income tax.
- The IRS determines that you cannot pay the tax owed in full when it is due and you give the IRS any information needed to make that determination.
- You agree to pay the full amount you owe within 3 years and to comply with the tax laws while the agreement is in effect.
For questions regarding these new rules and to see if you may qualify, please call 888-411-LEVY (5389) or fill out the form to the right and someone from our A+ BBB Rated staff will contact you shortly.