Business Services Industry
Installment agreements: an alternative to offers in compromise.
Tax Adviser, The, October, 2007 by Zwick, Marc
The IRS expects income taxes to be paid in a timely manner, but a taxpayer may be unable to make full payment of a tax liability when it is due. While offers in compromise are extremely complex and are often rejected by the Service, Sec. 6159 provides taxpayers that cannot pay their prior tax liabilities in full an option to enter into an installment agreement and pay off those liabilities over a period of time. The IRS is authorized to enter into a written agreement with the taxpayer that require installment payments based on the amount the taxpayer owes and his or her ability to pay that amount within the time the Service can legally collect payment. While the program provides a taxpayer with additional time to pay the tax, interest and penalties continue to accrue...
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