Your tax debt- Part 3 - Collection Tax Resolution- “Streamline” Installment Agreement- Simple, but can you pay it?
The simplest manner to pay your tax debt is the “streamline installment agreement.” If you qualify, it requires the least amount of intrusiveness by the IRS.
The qualification standards are simple:
– Assessed Amount owed is under $25,000,
– The Collection Statute of limitations will allow for full payment,
– You agree to make regular monthly payments to the IRS, and
– You agree to give the IRS information to contact you and enforce collection in the case that you default the Installment Agreement
Hence, it is important that the years owed and assessed are not too old, or the the installment agreement payment will be high.
What information does the IRS need in order to enforce collection in the event of default:
– Banking and employment information
– Phone #
– Date of Birth to identify you
If you have any questions if this option is right for you, you should consult a competent tax professional for all of your options and questions.