The Time is Now: Only One Month Left for Streamlined Installment Agreements (Limited Financial Information Required to Qualify!)

Taxpayers should be aware that the IRS’s test program for streamlined installment agreements is set to expire at the end of September 2018—just one month away. Under the test program, taxpayers may not be required to submit all of the intrusive financial information that ordinarily must be submitted with an installment agreement request (e.g., expenses, income, and certain documentation to prove expenses and income).  One key feature of the test program is that taxpayers who have liabilities exceeding $50,000 (but no more than $100,000) can qualify for an installment agreement and may be able to pay off the balance over seven years (rather than six). Ordinarily, taxpayers with liabilities exceeding $50,000 are ineligible for streamlined installment agreements.  The test program also applies to all out of business sole-proprietorship debts between $50,001 and $100,000.

Please call Jeffrey Glassman at (214) 749-2417 or email him at jglassman@meadowscollier.com with any questions.