One of the main functions of the IRS is to assess and collect all federal income taxes due. The IRS has substantial authority and power that was given to it by Congress to carry out its goals. With these powers and the substantial financial resources that have been assigned, the IRS is essentially the world’s largest and most powerful collection agency. If bankruptcy or an offer in compromise is not an option, a taxpayer should consider an installment agreement.
One of the most popular programs is the IRS Installment Agreement. This program allows the IRS to establish a monthly payment plan with the taxpayer that is based on the taxpayer’s tax liability and how much they can afford to pay in monthly installments.
The advantage to the installment agreement is that it will put an end to any collection efforts that the IRS was undertaking. This includes tax liens, levies, garnishments, and collection calls. But interest and penalties will continue to accrue on any unpaid balance throughout the entire installment agreement period. Scammahorn Law Firm, PC will help you as far as IRS installment agreement are concerned.