New Jersey Installment Agreement Attorney
Experienced Lawyer For NJ State Tax Payment Plans Helps Clients In Camden County, Burlington County, Gloucester County, and Throughout South Jersey To Secure NJ Division of Taxation Installment Agreements That Suit Their Individual Needs
If you do not file your tax returns or you fail to pay the tax that you owe before the deadline, the balance that you owe will be subject to interest, and the Internal Revenue Service (IRS) may assess penalties. These penalties may include a Failure to File Penalty, a Failure to Pay Penalty, or another penalty.
While it is in your best interests to pay the tax you owe in full and on time, this is not always possible. Even paying the amount due as soon as possible can help to minimize the additional penalties that will be imposed by the IRS. For those individuals or businesses with outstanding tax debt, the IRS offers several payment plans. An IRS Installment Agreement may be requested on behalf of the taxpayer and the experienced New Jersey installment agreement attorney at The Law Offices of Michele Finizio helps clients to secure IRS payment plans that suit their individual needs.
Skilled New Jersey Attorney Successfully Works With IRS To Develop Installment Agreement Payment Plans For Clients Who Are Unable To Pay Their Taxes In Full
An Installment Agreement with the IRS is a payment plan that is established for the purpose of paying the taxes that you owe over an extended period of time. Under an IRS Installment Agreement, you are required to repay the tax that you owe, plus any penalties and interest, over the course of regular monthly payments. For the most part, Installment Agreements must be completed within a seven-year period or prior to the Collection Statute Expiration Date for each tax period that money is owed.
While most Installment Agreements require that payments be made on the entire balance that is due, the IRS does also offer partial payment installment plans where regular payments are made on a partial balance. Some individuals may not have the funds to make regular monthly payments. In those cases, there are other options to consider which can be more cost-effective than the IRS Installment Agreement, which charges fees and interest on the balance that is due. To learn more about IRS Installment Agreements and other options for repaying your tax debt to the IRS, speak with the skilled New Jersey installment agreement attorney at The Law Offices of Michele Finizio. Our office offers a free, no obligation consultation for those individuals or businesses that need assistance repaying their tax debt with the IRS.
Knowledgeable New Jersey Attorney Understands New Jersey State Tax Payment Options and Works With Clients To Secure The Most Affordable Installment Agreement Payment Arrangement
When New Jersey taxpayers cannot pay their taxes in full at the time they are due, the state offers different options for repayment. These installment agreements vary in length, and they may require that the taxpayer submit documentation regarding their financial situation. In New Jersey, installment agreements range in duration from three months to 72 months with certain guidelines:
- New Jersey Installment Agreement of less than 36 months: for these plans, New Jersey does not require that the taxpayer submit documentation regarding their financial status. The entire tax that is owed must be paid in full within 36 payments, including interest, penalties, and fees.
- New Jersey Installment Agreement Under Financial Hardship: when a taxpayer is unable to pay the outstanding debt in full within 36 payments, and does not qualify for any other relief, the taxpayer may establish financial hardship. To do so, the taxpayer must provide financial documentation that establishes that they are not able to pay the full balance of taxes owed in a 36-month payment plan. If financial hardship is demonstrated, the New Jersey Division of Taxation will consider granting an installment agreement that extends for a period of a maximum of 72 months.
Prior to entering into an installment agreement, you must file all the required tax returns, your balance due must be $500 or greater, and the minimum monthly payment amount is $25. Interest and fees will continue to be added to the balance until it is paid in full.
Have Additional Questions Regarding Tax Payment Plans With the IRS and The State of New Jersey? Schedule A Free Confidential Consultation With A Trusted New Jersey Installment Agreement Attorney
Tax laws are confusing. Not being able to pay your taxes is stressful. And figuring out what to do about it can be completely overwhelming. Let us help.
At The Law Offices of Michele Finizio, our trusted New Jersey installment agreement attorney understands the ins and outs of tax laws, and successfully works with the IRS and the State of New Jersey to design installment agreements that repay your taxes in full on a schedule that suits your financial situation. Schedule a free consultation with our office today and take the first step in getting your financial future back on track.
Frequently Asked Questions (FAQs) About Installment Agreements In New Jersey
If a taxpayer requests an Installment Agreement and it is rejected by the IRS, the taxpayer has the right to appeal.
If your Installment Agreement is approved by the IRS, you will have interest and penalty charges added to your outstanding bill until your balance is paid in full. If you select a payment option through automatic monthly payments from your checking account — known as Direct Debit — your setup fee is $31 (for online applications) or $107 (for applications submitted by mail, phone, or in person). If you opt to make your monthly payment directly from your checking or savings account — known as Direct Pay — your setup fee is $130 (for online applications) or $225 (for applications submitted in person, over the phone, or through the mail). Those who qualify as low income according to the IRS criteria have a setup fee of $43 (for applications submitted by phone, online, or in person) which may be reimbursed if the individual qualifies. To learn more about IRS Installment Agreements, arrange a free consultation with the New Jersey installment agreement attorney at The Law Offices of Michele Finizio.