If you owe taxes to the Georgia Department of Revenue, you may be eligible for a payment agreement. This allows you to make monthly payments over time instead of paying the full amount all at once. It can be a useful option for taxpayers who may not have the funds to pay a large balance immediately.
To apply for a payment agreement with the Georgia Department of Revenue, you will need to fill out Form ST-5, Agreement For Deferred Payment of Sales and Use Tax. This form can be downloaded from the department`s website, and should be completed as accurately as possible to avoid any delays or complications.
Once you have filled out the form, you should submit it to the Georgia Department of Revenue by mail or fax. The department will review your application and notify you of their decision, typically within a few weeks.
If your application is approved, you will be required to make monthly payments on the balance owed, including any penalties and interest. The exact terms of the payment agreement will depend on your specific situation, including the amount owed and your ability to pay.
It is important to note that if you apply for a payment agreement, you should continue to file all required tax returns and make any current tax payments on time. Failing to do so can result in the agreement being terminated, and you may be subject to additional penalties and interest.
Overall, a payment agreement with the Georgia Department of Revenue can be a helpful option for taxpayers who need a little extra time to pay their tax debt. If you are considering this option, be sure to carefully review the terms and requirements, and consult with a tax professional if you have any questions.