Check out the Down Payment Installment Agreement Sample
While buying any insurance, security or property you agree to pay the installation agreement that covers multiple periods, however, once the installation payment agreement is established additional period cannot be added.
The requirement for a Down Payment Installment Agreement has certain criteria like the following:
- All returns should be filed & paid in full throughout the term of the agreement
- Having a bank account is a must with functional account
- Bank drafts is allowed to avoid cancellation or check bounce issue; a bankers check can assure the full settlement of payment
- File your return & estimated income taxes to be paid in full; All estimated income taxes must be paid in full & enter the correct filing status to avail the designated number & status
- Do not hide any information that needs to be shared with your banker, financial institutions. Provide correct information to help us assessing your financial status from time to time during the period of agreement to avoid raising from any undesirable circumstances
Risks & rewards associated:
You run the risk of being labeled a defaulter if you miss out on any one of the above criteria. Reestablishing an agreement once it’s in default is not possible & the agreement gets terminated. You certainly do not want to buy another agreement hence make sure you do not default in any of the said criteria & seek the help of a professional expert advice you accordingly.
The department has certain obligations to follow as they are abiding by the agreement.
Let’s check out the Down Payment Installment Agreement working procedure:
- Unless the tax collection has been jeopardized or the agreement is terminated, the department will not levy any property tax, neither the property will be seized
- Lottery win & refund will stand offset during the tenure of agreement
- 30 days prior notification will be issued in case of any changes or modification
- A certificate of tax liability will be issued during the tenure of agreement