How to Handle Partial Payment Installment Agreements
Dealing with the Internal Revenue Service (IRS) for a tax debt issue is never an easy thing to manage. From the moment that you get that first letter informing you that you are under IRS investigation and facing an audit, your life is, to say the least, in a state of upheaval. Being presented with a tax bill of any amount can feel like a deathblow to your family’s dreams and financial health. The good news is that the IRS really isn’t all that bad. The IRS includes several measures that can help people just like you deal with a large and unexpected tax debt amount. One of those measures is the option of a partial payment installment agreement.
How a Partial Payment Installment Agreement Can Help Your Tax Debt Situation
The Partial Payment Installment Agreement, or PPIA, is a method by which you can settle your tax debt to the IRS without the heavy burden of writing a check for the entire amount all at once. Just like a regular installment agreement, you are making payments to your tax debt over time in regular monthly payments, but with the PPIA you are only paying back a portion of your tax debt.
These types of installment agreements are much harder to get and there are very high criteria for those who can qualify. The PPIA is generally a second line option that is pursued after a rejected Offer in Compromise. Once your OIC has been turned down then you are eligible to apply for a PPIA. You must also meet the following criteria:
- You owe at least $10,000 in total when taking into account debt, penalties, and interest.
- You can pay some of what you owe, but you cannot pay the full amount by the end of the term of the statue of limitations due to the fact that you do not have enough disposable monthly income available to you.
- Completed both Form 433 and Form 9465 or have applied for an installment agreement online.
- You have filed all of your past tax returns and are not in a state of bankruptcy.
- Have not had your OIC accepted by the IRS.
- You have no assets or you cannot access equity in order to liquidate such to apply toward your tax debt.
Once you have been pre-qualified for a PPIA then you can start the application process.
Need Assistance? Let Success Tax Relief Help
No matter what path you need to take to get your tax debt taken care of, we are here to help. Success Tax Relief has been helping thousands of people get their IRS tax debt nightmare put behind them so that they can get on with their lives. We have the experience and the connections that you need to move through the process quickly. We will show you all of the options at your disposal. You can get started today by calling us at 877-825-1179, or you can use our online contact form. We look forward to hearing from you and to helping you with your tax debt problem. Call us today!