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.

Qualify for the hardship payment program

Getting notices from the IRS demanding that you pay back taxes or face penalties like bank levies or jail time can be a living nightmare. Fortunately, there are a variety of options available for those who are unable to pay their tax debt. The Partial Payment Installment Agreement (PPIA) allows you to pay back a lesser amount of your debts over an extended period of time. Qualifying for this program may be difficult, but it is easier to qualify for this plan than it is for many others.

Partial payment agreement assistance from CTS

Like most government programs for those who are delinquent on their taxes, you must first see if you qualify. Those eligible for a partial pay installment agreement must:

  • Have the ability to pay, but cannot make full payments
  • Owe more than $10,000
  • Complete all the required forms
  • Have filed all past tax returns
  • Have no assets
  • Have no equity in their existing assets
  • Not be in bankruptcy

Our professional agents can help you determine whether you meet all the above qualifications. If you do, they will help you submit a report to the IRS detailing your debts, assets, living expenses, and monthly income. Attempting to do this on your own is not advisable because one mistake in your disclosure can mean being denied tax relief.

Get a partial payment installment agreement

Tax problems do not go away, and they will get worse if you ignore them. But, you can take steps to make these issues more manageable. Creative Tax Solutions has helped thousands of people resolve their financial issues, and they can help you, too. Schedule an appointment with one of our financial specialists today if you are ready to finally put your IRS worries to rest.

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