Tampa Installment Agreement Attorney

What are Installment Agreements?

An installment agreement is a payment arrangement whereby the IRS allows a taxpayer to pay their tax debt over a period of time by way of a monthly payment. When a payment plan is established, the IRS will not take any further collection action, such as wage garnishment or seizure of bank accounts.

The taxpayer must be current with all past tax returns before beginning an installment agreement. Penalties and interest do continue to accrue until the full balance is paid, however. Also, a tax lien may be filed as part of the terms of the installment agreement, depending on the amount of the total tax debt. To find out more about this option to pay our IRS tax debt, call our IRS tax relief lawyer at Brian T. Loughrin Tax Attorney today.

Attorney Brian Loughrin has over 20+ years of experience and will personally help you with your tax issue, contact us online or call (813) 517-8074 today!

Experienced Tampa Tax Relief Lawyer

It often occurs when a taxpayer attempts to establish an installment agreement on their own, IRS wants to collect the taxes as fast as they can. In many cases, the unrepresented taxpayer finds themselves in an installment agreement that is too burdensome.

This in turn often leads to a default of the installment agreement and the beginning again of the collection machine. Therefore, it is critical to have an affordable agreement established properly from the very beginning.

If you cannot afford to make monthly payments and do not qualify for any other type of relief, such as an Offer in Compromise, we may negotiate to have your account placed in a Currently Not Collectible (CNC) status. Under CNC status, you will not have to make any payments and there will not be any type of collection action unless there is a material change in your financial circumstances.

Get the expert help you need by contacting our Tampa installment agreement attorney at (813) 517-8074.

Frequently Asked Questions About Installment Agreements

Q: What types of debts can be covered by an installment agreement?

A: Installment agreements can be used for various types of debts, including personal loans, credit card balances, medical bills, and other financial obligations.

Q: Is there a specific format for an installment agreement?

A: While there is no universal format, installment agreements typically include details such as the names of the parties involved, the total amount owed, the payment schedule, interest rates (if applicable), and any penalties for missed payments.

Q: Can installment agreements be negotiated or modified?

A: Yes, in some cases, debtors and creditors may negotiate or modify installment agreements based on changes in financial circumstances or unforeseen challenges.

Q: Are installment agreements legally binding?

A: Yes, installment agreements are legally binding contracts. Both parties are obligated to adhere to the terms outlined in the agreement, and failure to do so can have legal consequences.

Q: What happens if I miss a payment on an installment agreement?

A: Missing a payment may result in penalties, late fees, or other consequences as outlined in the agreement. It's crucial to communicate with the creditor if you anticipate difficulties in making a payment.

Q: Can interest be charged on installment agreements?

A: Yes, depending on the terms of the agreement, interest may be charged on the outstanding balance. The specific interest rate is usually outlined in the agreement.

Q: Can I pay off the remaining balance of an installment agreement early?

A: In many cases, debtors can pay off the remaining balance before the agreed-upon term ends. However, it's essential to check the terms of the agreement, as some contracts may include prepayment penalties.

Q: How does an installment agreement impact credit scores?

A: Successfully adhering to the terms of an installment agreement can have a positive impact on credit scores, demonstrating responsible financial behavior. However, missed payments or defaults can negatively affect credit.

Q: Can professional assistance help with negotiating installment agreements?

A: Yes, consulting with financial advisors, credit counselors, or legal professionals can provide valuable assistance in negotiating and understanding the terms of installment agreements.

5 Star Reviews

The Stories That Matter

Trustworthy attorney and excellent outcome
Valerie S.
Just Awesome!
Bob
"I was fortunate to find Brian as my tax attorney and have the privilege to work with him in resolving my serious tax issues which had built up over the years. "
R. Burgess