March 6, 2012 by Jay Freeborne

For several years, the IRS has allowed taxpayers who owe less than $25,000 to pay back their debts in what's called a "streamline installment agreement."  The streamline agreement is set up and you pay back your debt within 60 months -- penalties and interest included.   One of the beauties of the Streamline agreement is NO financial disclosure is required.  Well, very recently, the IRS has expanded the Streamline agreement to include debts below $50,000.00!

The difference is you are required to pay back the debt in 72 months instead of 60 months.  Furthermore, you were previously required to pay provide a financial statement (form 433-F or form 433-A) to get this agreement.  Our sources say that the IRS is dropping this requirement!  As Joe Biden said to Obama, this is a big 7%#$# deal!

Nonetheless, this is a nice weapon in the arsenal of resolving tax issues.  What do you owe the IRS?  I'll let you know every solution under the sun for resolving your tax issue if you call me at 1-866-525-7302 or email me at [email protected], Jay Freeborne, Enrolled Agent, Washington Tax Services.

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