The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

Pay off taxes over time with an IRS installment plan

Many people found themselves facing a hefty tax bill from the IRS this year. And for some, paying the full amount up front was simply not possible. Luckily, the IRS offers repayment plan options to deal with this challenge.

An IRS installment plan helps to avoid collections actions and spread out payments on your tax debt. 

Short term vs. long term payment plans

The IRS offers two basic types of repayment plans: those that pay off the amount owed in less than 120 days, and those that extend payments over more than 120 days.

Short-term plans have no setup fees, while long-term plans can cost up to $225 to set up. Fees vary based on the method of application (online, phone, or mail) and someone’s income.

Payment plans still subject to penalties and interest

Creating an installment plan can relieve some of the pressure of a tax burden. However, it is important to remember IRS payment plans come with monthly accrued penalties and interest. The IRS calculates interest differently based on the type of penalty.

The penalty for failure to file is 5% of the tax amount owed, compared to the half a percent penalty for failure to pay. For this reason, it is essential to file your returns on time even if you are unable to pay the full amount owed. Plus, creating an installment plan reduces the penalty to .25%.

Some individuals qualify for relief from specific penalties – for example, if serious illness or death of a family member impacts their ability to pay their taxes on time.

Feeling overwhelmed? Help is available

Dealing with the IRS is stressful, even for the more financially savvy among us. Working with an attorney experienced in IRS tax debt resolution can help in creating a payment plan and even negotiating the amount you owe.

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
Atlanta Office Location

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