If you have an outstanding balance with the IRS and can’t pay it in full, you may apply for an Installment Agreement.
An Installment Agreement allows you to pay a federal tax liability over time. Interest and penalties will still accrue on your balance while you’re making your installment payments, so if you have a way of borrowing funds to pay the tax all at once, that may be the best option for you. If you’re unable to do that, however, the Installment Agreement is a manageable way of paying off your tax debt without collection action being taken.
The IRS also has Partial Pay Installment Agreements (PPIAs). A taxpayer must meet certain requirements in order to be eligible for this arrangement.
Contact us today if you owe back taxes to the IRS. We can ascertain what the best course of action is for your specific situation. If collection action is not yet being taken on your balance, we can help keep this from ever happening.
Fill out the form below or call us at 646-326-9971 for a free in-office consultation.
Bradley R. Bailyn, Esq. , Founder
Bailyn Law provides comprehensive legal and advisory services to closely held and family businesses seeking to capitalize on opportunities, avoid or mitigate risks and create long-term stability through good management and diligent business decisions. We help owners and directors structure successful transactions to improve profitability and liquidity including purchasing and selling entire companies or certain assets, restructuring the ownership, management and operations of the business, raising capital or entering joint venture agreements. We serve as general counsel for our clients, fulfilling daily needs and building long-term relationships of trust and confidence.
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The Bailyn Law Firm, P.C
6301 Mill Lane
Brooklyn, NY 11234
One Rockefeller Plaza, Tenth Floor
New York, NY 10020
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