If you have been contacted by the Internal Revenue Service (IRS) or the South Carolina Department of Revenue (SCDOR) regarding unpaid taxes, penalties and/or interest and you cannot afford to pay the balance due all in one lump sum, you may be able to secure an Installment Agreement, an alternative payment arrangement. An Installment Agreement is a legally binding agreement between a taxpayer and a taxing authority whereby the taxpayer agrees to make a regular payment to the taxing authority in order to extinguish the tax debt over time. It is similar in concept to minimum monthly payments on credit card accounts.

If you or your business owes $10,000 or less in taxes you are guaranteed an Installment Agreement under the law. If you or your business owes $25,000 or less in taxes, penalties, and interest then you are eligible for the Streamlined Installment Agreement under the law. If you or your business owes more than $25,000 you may need the assistance of a tax collection lawyer to help secure an Installment Agreement on favorable terms.

If you would like to discuss the Installment Agreement process please contact the South Carolina tax collection attorney at Turner-Vaught Law Firm, LLC today at (843) 839-2580 or contact us online.