IRS Payment Plans

 Kenneth D. Eichner, P.C. can almost always get the IRS to accept some type of payment arrangement for past due taxes, but you have choices. We will explain them to you. The criteria for obtaining this type of loan with the IRS are:

  • You must be current with all tax return filing requirements
  • You will need to disclose all assets owned including bank accounts
  • You must not have adequate cash available in a checking, savings, money market, CD or brokerage account
  • You must not have the capacity to borrow the amount owed to the IRS from other sources (i.e., a second mortgage on your home)
  • You must not have adequate equity in a retirement account from which you can borrow or liquidate; for example, IRA’s or 401K’s.
Assuming that you comply with the above list, then we can proceed to arrange a repayment of taxes with the IRS.

We can simply negotiate with the IRS either over the phone with ACS (Automated Collection System), or in person with a IRS Revenue Officer. The dollar amount owed usually dictates with whom the negotiations will be handled.

Typically, Revenue Officers are not involved with amounts owed which are less than $25,000. The IRS may ask us to complete a personal financial statement. If a business is involved, then we will help you, if necessary, prepare a business financial statement.

The IRS attempts to use predetermined guidelines, based upon your income, for how much money the IRS says you can spend for necessities. We break the mold. We don't allow them to use those guidelines as rigid legal limits, as they have become accustomed to doing. We use standards that are established in the IRS' own manuals that allow you different guidelines. Please be aware that the IRS continues to accrue penalties and interest on the amounts still not paid while you are making monthly payments. Taxpayers that retain Kenneth D. Eichner, P.C. to negotiate payment arrangements with the IRS are always educated on the actual accrued penalties and interest. The CPAs of Kenneth D. Eichner P.C. explain to the taxpayer what amount should be paid monthly. We will explain the pros and cons of such action. Remember, you have choices. We may suggest filing an Offer in Compromise, re-doing your tax returns, filing unfiled tax returns, challenging the assessment for various reasons, filing bankruptcy, or many other strategies. The CPAs of Kenneth D. Eichner, P.C. do not want your outstanding balances increasing to the point you will never be able to pay back the IRS, nor do we want your assests liened, levied or seized by the IRS. These problems can be resolved!

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