Best Business Attorneys in Centreville, VA

Maybe. If the limited liability company is properly set-up and operated properly so that business assets are not commingled with personal assets, the members of the llc are usually not personally liable for the debts of the llc. However, if the llc does not make the required payroll tax deposits, the IRS can come after all the responsible persons for the trust fund portion of the payroll tax deposits.

For all installment agreements, the amount of your installment payment will be based on the amount you owe and your ability to pay that amount within the time left in the 10-year period. To be eligible for an installment agreement, you must file all required returns. If you are an employer, you must be current with federal tax deposits.

You will have to pay a user fee to set up your installment agreement. The fee is $52 for direct debit installment agreements, where payments are deducted directly from your financial institution, and $120 for other agreements. Taxpayers with income at or below established levels, based on the Department of Health and Human Services Poverty Guidelines, may apply and be qualified to pay a reduced user fee of $43 for establishing new agreements, including direct debit installment agreements.

The Offer In Compromise (OIC) program is an option for those taxpayers who are unable to pay their tax account in a lump sum or through an installment agreement and have exhausted their search for other payment arrangements. The IRS may accept an OIC to settle unpaid tax accounts for less than the full amount of the balance due. This applies to all taxes, including any interest, penalties, or additional amounts arising under the Internal Revenue laws.

The following is a list of federal payments you may receive that the IRS can levy under the Federal Payment Levy Program in order to pay your tax debt. Federal retirement annuity income from the Office of Personnel Management, Social Security benefits under Title II of the Social Security Act (OASDI) Federal contractor/vendor payments, or Federal employee salary and travel payments.