A payment plan can be obtained if the tax liability from your filed returns is accurate. To secure a payment plan, a financial statement is prepared along with documentation that backs up the income and expenses claimed. Payment plans can be set up with the IRS and/or State based upon your ability to pay, not simply what they demand.
It is imperative that the financial statement be prepared professionally. If not, you run the risk of over-reporting your income or under-reporting your expenses, resulting in a payment plan that you can not afford. If you do not prepare the financial statement accurately or do not submit the proper substantiation, you could experience delays that could lead to the IRS and State issuing levies to your employer, income sources, and bank.
If you qualify, we can arrange to have your tax liability be deemed “temporarily non-collectible,” which remains at least through the filing date of the following year. All collection action ceases as long as you remain in compliance with your future filing and taxpaying requirements. Tax Solutions Group works to keep you in “non- collectible” status so that a reasonable and affordable payment plan can be negotiated.