Colorado Springs: How Can I Make Payments To Payoff My Federal Tax Obligations?

 

How easy is to make a payment arrangement to payoff your federal taxes?  Some advertisements make it seem that just anybody can get a payment arrangement or an accepted Offer in Compromise (OIC) with the Internal Revenue Service (IRS).   With a payment plan a taxpayer agrees to make payments over time to the government of their tax.  Some installment agreements require the submittal of financials by the taxpayer.   With the submission of the financials, a taxpayer may be telling the government about a paid off house, a substantial IRA, or other assets that the taxpayer would prefer not to disclose.  What are the types of Installment Agreements?

1. Regular Installment Agreement -- Full disclosure of financials and assets; Results in full payment based on the statute
2. Partial-Pay Installment Agreement -- Full disclosure of financials and assets; Does not result in full payment; Government revisits in 12 months to see if payment can be increased.
3. Streamlined Installment Agreement -- No financial information required;  Full payment in 72 months or the time left on the statute.

Which installment agreement is best for you? What is required to qualify for an installment agreement?  Marcelino Dodge, EA of Cash Tracks Financial will examine your situation to help determine the best course of action for your circumstances.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA

525 N Cascade Ave

Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

(Call for an in person or video conference appointment)