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This plan is for taxpayers and businesses that cannot settle their entire tax debt at one time and need to make payments on it. The monthly installment agreement (IA) is the most widely used method for repaying past taxes.

If you owe personal income tax of $25,000 or less an IA is fairly simple to get. Negotiation will be required if you owe any more than $25,000.  If you have equity in any of your assets, especially real estate, the IRS will push you to borrow or sell the property.

If a payment plan is granted, the biggest drawback to it is that interest and penalties continue to accrue while you pay. Combined with late payment and late filing penalties, the rate averages 10-20% per year.  You could end up paying for years and still end up owing more than when you started. 

If the IRS has offered you an unreasonable payment plan, or is threatening to levy on your wages, bank accounts and other assets, PFC Tax Services can obtain a payment plan that works with your current financial requirements.

If a payment plan is not something that works in your situation we will demonstrate to the IRS authorities that you cannot pay the full amount as a result, another resolution is required. Please do not hesitate to contact us to discuss you situation in greater detail.


Call us at  847-696-0077 and speak to one of our Enrolled Agents today!

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PFC & Tax Services, LLC
444 N. Northwest Hwy, Suite 195, Park Ridge, IL 60068, 847-696-0077, 312-587-8300
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