At times, taxpayers may have an unusually large income for one or two years and be unable to pay their taxes in a lump sum when due. In many cases, the IRS will enter into an installment agreement which allows the taxpayer to pay the tax in monthly installments at a reasonable rate of interest. The taxpayer who complies with such an agreement will avoid levies for the taxes covered by the agreement and will in most cases avoid the filing of an IRS lien which severely damages credit ratings.

Installment agreements normally require a detailed application and full disclosure of all assets and liabilities. This is not a process you should engage in without experienced legal help. A tax specialist attorney will represent you in negotiating an installment agreement within your means when possible, and if not possible, advise you on alternative strategies for dealing with the tax obligation.

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The above is furnished as general information relevant in the State of Washington only and may not be relied on as legal advice, specific to any situation or otherwise, by any person, whether or not a client of the firm.