Partial Pay Installment Agreement
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Partial Pay Installment Agreement
Are you struggling with back taxes? LifebackTax Relief is a tax relief and consultancy agency dedicated to helping individuals and businesses resolve their unpaid taxes. For taxpayers that do not qualify for an Offer In Compromise, Partial Pay Installment Agreement (PPIA) might be the perfect solution as part of the fresh start initiative by the IRS. This agreement provides financial relief by lowering tax obligations for taxpayers.
What are the benefits of Partial Pay Installment Agreement?
If you are a taxpayer unable to pay your full tax liability, a PPIA can offer you several benefits. For example:
Reduced Payment Amount:
You – the taxpayer – can make reduced monthly payments under a PPIA. That’s right! Partial Pay Installment Agreement (PPIA) allows you to make small monthly payments based on your financial ability to pay until Collection Statue of Expiration (CSED) date. Through this, over the long run, you end up paying significantly less than the original amount that you owed to the IRS. In fact, this is the main reason that it is also known as the back settlement.
Protection from IRS Collection Actions:
When you comply with the requirements of PPIA, your account does not stay under the collection department. This means that the IRS will stop taking any further measures. That’s right! You will not face any more bank levies, wage garnishments, or property seizures.
Here’s how you qualify for PPIA
Qualifying for PPIA is not a very complex or complicated process. Following are some essential key components you need to check to qualify for it:
- Taxpayers need to be in a situation with financial instability. Moreover, this claim of financial instability needs document support. For example, statements of income, expenses, and assets.
- You need to ensure compliance with tax filing requirements. Thus, all the previous tax returns must be filed.
- Taxpayers need to demonstrate that they can make regular payments based on their income, spending, and other financial commitments – your ability to pay matters.
Here’s how LifeBack Tax Relief Helps You
At LifeBack Tax Relief, we offer you knowledgeable advice and advocacy throughout the PPIA procedure. After all, ours is the nation’s leading tax resolution firm. You can rely on us to help you prepare and submit the necessary IRS documentation to the IRS. Moreover, we leave no room for errors. Our team of expert resolution specialists do an in-depth analysis of your financial record.
Undoubtedly, PPIA is the best option for taxpayers who do not qualify for Offer In Compromise (OIC). You can trust us to:
- Guide you through the process
- Ensure your eligibility for PPIA
- Secure the best possible terms
So, you should contact us right away if you want to know more about this program. With us by your side, you will get the maximum benefits out of it.
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