Bob Jablonsky & Associates Blog

Richardson TX – Payroll Tax Debt Relief – The Express Installment Agreement (IBTFIA)

by | May 3, 2020

When businesses with Payroll Tax Debt come into our Richardson, TX tax office, one of my major priorities is avoiding the Trust Fund Recovery (TFRP) from being assessed against my clients. The TFRP is an assessment that the IRS makes against what it considers to be Responsible Persons and creates a personal liability against that individual. We covered the TFRP previously.

On option to avoid the TFRP and settle the IRS Debt is the In-Business Trust Fund Express Installment Agreement (IBTFIA). For businesses which qualify, the IBTFIA can be an excellent way to Settle their IRS Debt.

 

Some of the advantages include:

  • IRS Debt is assessed only against the business, no TFRP Assessment.
  • Full Financial Information is NOT required.
  • A Streamlined process that avoids the 4180 Interview.

 

Not all businesses qualify. Some of the qualifications and requirements include:

  • The business is in operations.
  • Total unpaid balance of assessments is $25,000 or less or the taxpayer can pay down to $25,000 to qualify.
  • The liabilities are from the current or prior calendar year periods.
  • The taxpayer must be and remain in tax compliance.
  • Taxes are fully paid in 24 months, or before the CSED (IRS Collection Statute of Limitations) expires, whichever is earlier.

The IBTFIA may be an effective solution for Payroll Tax Debt relief for businesses that qualify. Stay tuned as we will continue to cover options for those with payroll tax debt in coming weeks!

 

Do You Need Help?

If you need help with IRS Payroll Debt or other IRS Collection issue, I’d be happy to talk with you. Please give me a call at (972) 821-1991 or email me at bob@jablonskyandassociates.

Bob Jablonsky is the founder of Bob Jablonsky & Associates. He has spent his career helping taxpayers resolve tax issues and get back on track with the IRS. In addition to tax resolution his firm also prepares hundreds of tax returns every year for both individuals and small to mid-sized businesses.

Bob is an IRS Enrolled Agent (EA), which is an elite credential issued by the Internal Revenue Service to professionals who demonstrate special competence in federal tax planning, individual and business tax return preparation, and representation matters. An Enrolled Agent license is the highest credential awarded by the IRS and is recognized across all 50 states. Additionally he is a CMA, or Certified Management Accountant, a designation for financial controllers and CFOs (Chief Financial Officers), as well as an Advanced Certified Quickbooks Pro Advisor.

Get in touch

1900 Jay Ell Drive
Richardson, TX 75081

Bob@jablonskyandassociates.com

(972) 821-1991

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