Ronald J. Cappuccio, J.D., LL.M. (Tax)

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IRS can accept Installment Agreements to pay PArt of Tax Due

| Nov 23, 2004 | Uncategorized

IRS can accept Installment Agreements to pay PArt of Tax Due.

New Internal Revenue Code Sec. 6603 provides for the Partial Payment of Tax Liability in Installment Agreements This new section clarifies the IRS authorization to enter into installment agreements with taxpayers for less than full payment of the tax liability over the life of the agreement. Such a partial payment Installment Agreement requires IRS review at least every two years to determine whether the changed financial condition of the taxpayer warrants an increase in the value of the taxpayer’s payments.

see: http://www.TaxEsq.com

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