In this video, you’re going to learn exactly how to use the Installment Agreement program offered by the IRS to help taxpayers who cannot afford to pay their tax bill.
Here are the Installment Agreement strategies that I cover in the video:
First, you’ll learn how to utilize the Automatic Agreement program for those with less than $10,000 in taxes owed. In my experience, this type of Agreement is super easy to get.
Next, Gary will explain the Streamlined Agreement. This has been expanded from $50,000 to $100,000 for 2020. Gary also suggests a simple strategy to take advantage of the benefits of this great program.
Then, I talk about how the Regular Installment Agreement works. With this, you need to work with financial statements in order to get the IRS to accept your Offer.
Lastly, I review the Partial Pay Installment Agreement to get around the 10-year Statute of Limitations.
I concluded with practical tips to avoid accidentally defaulting on your Installment Agreement. If you default, the IRS will void your agreement and you have to start all over again.
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Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.