The Louisiana Department of Revenue has announced that there are plans to amend Louisiana Administrative Code provision 61.I.4919 regarding Installment Agreements for outstanding taxes owed.
Louisiana Law (RS 47:105(B) and RS 47:1576.2) gives the Louisiana Department of Revenue Secretary the ability to establish rules for programs that authorize the payment of back taxes through installment payments.
Currently, the rule allows for “Informal Installment Agreements” when the balance is less than $25,000 and the Taxpayer can pay the balance over 36 months, and “Formal Installment Agreements” on balances more than $25,000 where the Taxpayer requests more than 36 months to pay. The “Formal Installment Agreement” option requires a financial analysis, where the Taxpayer must provide information as to income, assets, and more to formalize the plan.
The proposed changes would allow for “Informal Installment Agreements” on balances less than $50,000, allowing for up to 60 months to pay.
The $105 Installment Agreement Fee would remain.
Do you owe back taxes to the Louisiana Department of Revenue? Have you struggled to pay what they required in an Installment Agreement? Now is the time to take another look. Contact Bryson Law Firm, LLC today to see how we may be able to assist you in exploring your LDR Installment Agreement options further. Our tax and accounting professionals are ready to help you.
