The IRS lets you pay tax debt over 72 months, but you'll need to disclose all your assets on a financial statement. Non-retirement accounts and home equity can be seized to cover what you owe, so a professional negotiator can help protect what you have.
So let's talk about what this long-term installment agreement payment looks like, though. This is in general 72 months is what the IRS allows for. That's going to give you 6 years that you can pay this off. Now, there is an application fee for this depending on the amount. It can be automatic. That's true. And there is low-income waivers, too, if you're in financial distress. But the biggest piece of this, though, is you're filing a financial statement to the IRS. You have to open the kimono, so to speak. You're telling them what you make. You're telling what you have in bank accounts, equity in your home, investment accounts. You have to disclose all of your assets to the IRS. And if you have a bunch of assets on there that's not in something protected, like maybe equity in a home or retirement accounts, the IRS is gonna be like, sell that and pay us. Why are we putting on an installment agreement? Yeah. And this is where the negotiator on your behalf can help you.
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