It’s been a while since I’ve done one of these In-Business Trust Fund Installment Agreements (IBTF) – Express Agreement. This installment agreement is for businesses that fit all of the following criteria:
- Owe $25,000 or less in Trust Fund taxes
- Currently, have employees
- Be compliant with all filing and payment requirements
- You must be able to pay off the amount owed within 24 months (or prior to the Collection Statute Expiration Date – CSED)
If your business owes more than $25,000, you should pay down the amount owed so it is below $25,000, if possible.
One of the best reasons to apply for this agreement is that (generally) a financial statement or financial verification is not required.
Please remember this agreement is only for the portion of the trust funds that are owed by the business. This agreement does not cover any personal liability for trust funds.
To apply for this agreement, you can apply online or by calling 800-829-4933.
If you need help with setting up this type of plan or if you have any questions, please feel to reach out to us by clicking on the ‘Contact Us’ link at the top of the page.