Dealing with unpaid taxes and the Internal Revenue Service (IRS)? This can be a stressful and challenging situation that you don't have to go through alone. The professional assistance of Diamond Head Tax Group OAHU will be a great help in successfully resolving your tax debt as you will be in the hands of experts who will work with you to set up an IRS Payment Plan or Installment Agreement, providing you with expert guidance and ensuring you receive the best possible terms.
Diamond Head Tax Group OAHU Small Business Tax Accountant services include Tax Advisory and Tax Consultancy which can provide individuals and business owners with professional assistance in setting up a HONOLULU IRS Payment Plan or Installment Agreement.
Get the Best Possible Terms for HONOLULU IRS Payment Plans or Installment Agreements with Diamond Head Tax Group OAHU Tax Advisory & Tax Consultant Services - Call: 808-468-8041
The IRS understands that taxpayers may sometimes face difficulties in paying their tax debts so it offers various payment options, including setting up a payment plan or installment agreement. Diamond Head Tax Group OAHU Small Business Tax Accountant Experts offer services that will help business owners through the process of setting up an IRS payment plan or installment agreement, navigating the eligibility criteria, and important considerations for taxpayers seeking these arrangements.
An IRS Payment Plan, also known as an Installment Agreement, allows the taxpayer to pay their outstanding tax debt over time through regular monthly payments. These payment plans are designed to accommodate individuals and businesses who cannot pay their tax liabilities in full when they file their tax returns.
Depending on the amount of tax debt and the specific circumstances of the taxpayer there are different types of installment agreements available,. The most common types include:
Guaranteed Installment Agreement
This type of agreement is available to taxpayers who owe $10,000 or less in combined tax, penalties, and interest and have filed all required tax returns. The IRS must generally grant this type of installment agreement if the taxpayer meets the criteria.
Streamlined Installment Agreement
A streamlined installment agreement is an option for taxpayers who owe $50,000 or less in combined tax, penalties, and interest. The IRS may not require detailed financial information, making the process more straightforward.
Partial Payment Installment Agreement (PPIA)
If a taxpayer cannot afford to make payments under a standard installment agreement, they may qualify for a PPIA. This option allows for smaller monthly payments based on the taxpayer’s financial situation.
Non-Streamlined Installment Agreement
Taxpayers who owe more than $50,000 or cannot meet the requirements of the other installment agreement types may need to negotiate a non-streamlined installment agreement. This typically involves a more thorough financial review.
Before setting up an IRS Payment Plan or Installment Agreement, it’s essential to assess your tax debt accurately. Diamond Head Tax Group OAHU will help with this, gathering all relevant tax documents, including tax returns, IRS notices, and records of the amount you owe, including penalties and interest. We will help you gain a clear understanding of your total tax liability, which is crucial in this process.
Determine Your Eligibility
After determining the amount you owe, choose which type of installment agreement you may be eligible for based on your tax debt and financial situation. Diamond Head Tax Group OAHU will help you review the eligibility criteria for each type to ensure you meet the requirements and devise a strategy.
Set Up Payments
Once the installment agreement is approved, monthly payments will be arranged. You can choose to make payments via electronic funds transfer, check, money order, or through the IRS’s online payment portal. Ensure that your payments are made on time and in the agreed-upon amount.
Penalties and Interest
While on an installment agreement, penalties and interest will continue to accrue on the remaining balance. It’s essential to make timely payments and pay off tax debt as soon as possible to minimize these additional costs.
Defaulting on Payments
If you default on your payments or fail to comply with the terms of the agreement, the IRS can terminate the installment agreement, leading to collection actions such as levies and liens.
Changing Terms
In some cases, you may be able to modify the terms of your installment agreement if your financial situation changes significantly. Diamond Head Tax Group OAHU will help you make use of potential adjustments.
The process of setting up an IRS payment plan or installment agreement can be complex or overwhelming, it can be prudent to seek professional assistance from Diamond Head Tax Group OAHU's team of Tax Experts, we will provide expert guidance and ensure that you receive the best possible terms.
Why Choose DIAMOND HEAD TAX GROUP CPA Services HONOLULU?
As Honolulu continues to expand, we continue to be the trusted local Oahu CPA firm. We are Located in the heart of Honolulu, and are focused on delivering professional and quality CPA Services to the small businesses and residents in Honolulu, Oahu.
We are proud to offer our tax and accounting firm services that help with the financial and business needs of our clients. Whether those needs are personal or business, we are here to provide you the financial guidance you seek.
When you partner with Diamond Head Tax Group, you’ll receive rates that are competitive and reasonable, flexibility that works around your schedule, and excellent client services.
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Contact us and let our skilled OAHU Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.
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