The Partial Payment Installment Agreement (PPIA) is similar to a regular installment agreement where you make monthly payments to the IRS for owed taxes, but you are actually only paying back part of the taxes you owe over time. PPIAs are more difficult to get than other types of agreements, but they are easier to secure that Offer in Compromise. To apply, you will need to submit a full financial disclosure that includes complete details about your debts, expenses, assets and income.

In general, the IRS will only accept the PPIA is you don’t have enough assets to liquidate and you don’t have enough monthly disposable income to qualify for a regular installment agreement. Additionally, the IRS will have to believe that you won’t earn enough income in future years to cover your debt.

Talk to a specialist today to see if the Partial Payment Installment Agreement is a good option for your case.

The requirements to achieve a PPIA include: you have the ability to pay but cannot pay in full; you owe more than $10,000; you completed the necessary forms; filed all past tax returns, are not in bankruptcy; have no assets or can’t access equity in assets; and more.

Overall, if you cannot make the minimum monthly payments on a regular installment agreement, the PPIA might be your best option. Your tax specialist team will be able to provide the best insight and advice for getting the appropriate assessment you need to keep your taxes and finances intact for now and the future.

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