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IRS PARTIAL-PAY INSTALLMENT AGREEMENT

 

A sales consultant out of California hired Timberline Tax Group for overall account management with the Internal Revenue Service. The taxpayer had previously been in an Installment Agreement that had defaulted. The taxpayer had a bankruptcy discharged and explained concern that the Form 1040 Tax Returns for tax years 2007 and 2008 had not been initially included in the payment plan. The Enrolled Agent working the case uncovered that there were no missing returns or substitute return balances reported. At this point, the Enrolled Agent secured a 30-day hold on the account and obtained updated personal financials from the client in seeking for the reinstatement of the partial-pay Installment Agreement. The Enrolled Agent, upon submitting the updated financials, was able to successfully negotiate a lower agreement of $500.00/month against an outstanding balance of $232,033.93. This resolution will save the taxpayer $172,033.33 through the life of the collection statute.

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