Maryland Tax Installment Agreement
When taxpayers try to negotiate a payment contract without representation, they often commit to paying more than they can afford. If you owe more than $10,000 in taxes to the IRS or the State of Maryland, we strongly recommend that you seek professional help. At Rosenberg Martin Greenberg, we found that the IRS often uses formulas that don`t account for the taxpayer`s true essential expenses, resulting in higher monthly rates than taxpayers can reasonably afford. For this and other reasons, it`s a must to work with one of our experienced tax lawyers who can assess your financial status and help you determine an affordable plan that best meets your short- and long-term needs. A payment agreement may also be particularly advantageous for persons who have gone bankrupt in accordance with Chapter 7. This allows the taxpayer to reduce additional tax penalties while settling most of the unsecured debt. As with all compliance issues, taxpayers are encouraged to consult with qualified lawyers who are familiar with IRS rate plans and other debt relief solutions. Flexible payment methods are also part of the equation, with the brackets being as follows: Rosenberg`s tax lawyers Martin Greenberg consider assets, outstanding debts, disposable income and expenses in order to negotiate a instalment payment agreement that benefits the taxpayer and does not represent too heavy a financial burden. In addition to ensuring that all outstanding tax returns are filed and appropriate forms are filed, our tax experts will continue to negotiate if the IRS rejects your first IA (instalment payment agreement) proposal.
However, making monthly payments over a period of months and years inevitably costs more due to interest costs, not to mention late payment penalties. The federal government charges a $105 furnishing fee for an IRS rate agreement that can be cut in half if payments are automatically debited from a bank account. With this type of payment plan, you authorize the state to make direct debits for your monthly payment directly from your checking account. . . .