IRS Installment Agreement

If you don’t qualify for the IRS Offer in Compromise program, a Payment Plan may be the best way to resolve your problem. The IRS calls it an Installment Agreement.

There are different kinds of Installment Agreements, or IAs, depending on the size of your IRS debt and how long you have had it.

Before the IRS will accept an Installment Agreement, there require all required tax returns are filed.
We often recommend a Tax Analysis before a payment plan. This is helpful if:

  • You have unfiled tax returns that we need IRS transcripts to file.
  • You have a large tax debt, and we want to check for penalties that can be reduced
  • We want to see if you are eligible for an Offer in Compromise
  • You are under audit, have received tax liens or levies, or have other situations that would be prudent to review before locking in a payment plan.

One of our operating policies at Torchlight Tax is “Know Before You Go.” If you were planning on going on a trip, you would want to know what the road conditions and weather were like, and you would plan your best route. This is the rationale for doing a Tax Analysis before some of our other debt resolution services.

By setting up a payment plan, accruing penalties and interest can be reduced. You may also be eligible for penalty abatement on your past debt. If your debt is not large and it does not go back in time, a Tax Analysis may not be necessary before setting up a payment plan or getting penalties abated.

To see if a payment plan is right for you, contact Torchlight Tax. Call us at 1-877-758-7797 or 702-463-1818 or email us at info@TorchlightTax.com. We can transfer your call to a branch office near you or help you directly from our central office. Free consultations are available.

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    Why Torchlight Tax

    Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.

    Upgrade to a full-service Tax Firm

    Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.

    Amendments

    When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.</p”>

    Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.

    Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.

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