Good news if you owe $50,000 or less to the IRS. Call Travis Watkins for more details on the new expansion of the Streamline Installment Agreement at 1-800-721-7054 today!
The IRS has raised the liability threshold from $25,000 to $50,000 without scrutiny. The service is also raising the repayment period to 6 years.
The catch is that you must agree to let the service debit your bank account directly. We assume that this means that the service will also release any lien under $50,000 after 3 months of successful bank debits as well. We make this assumption based on the IRS' on-going "fresh start" program which lifts liens upon 3 such successful debits.
This upping of the threshold makes good sense with so many taxpayers facing hard financial times, and the IRS facing less enforcement personnel with budget cuts.
Beware, though, penalties and interest still accrue during the term of the payment agreement. So, it is always best to pay off the liabilities as soon as you can! Also be certain that you can make the payments in 6 years. There is no use getting into an agreement that you can never afford to pay off. Remember, the IRS will have your bank account information, at the very least, if you default on your debit installment agreement. What does that mean?--possible levy of that account at a later time.
If you are less than certain that you will ever be able to afford the installments, including penalties and interest, remember there are other worthwhile programs that the IRS offers as collection alternatives. Such programs are the offer in compromise, complex installment agreement, currently not collectible status and bankruptcy for certain qualifying taxes.
The IRS loves to tout new programs like this "new" simple streamlined installment agreement. However, a bulldog with lipstick is still a bulldog (or is it a hockey mom, I can't remember). Don't get roped into a one-size-fits-all approach to tax resolution that the IRS pitches without consulting a local, licensed tax lawyer from Oklahoma like Travis Watkins to see if there are better alternatives. Travis can be reached at 1-800-721-7054.