The Fair Tax Act, Part XLIII
Section 606 establishes the ability of the tax authority to authorize installment payments and also to compromise (settle at lower dollar amounts) taxes/penalties due.
`SEC. 606. INSTALLMENT AGREEMENTS; COMPROMISES.
`The sales tax administering authority is authorized to enter into written agreements with any person under which the person is allowed to satisfy liability for payment of any tax under this subtitle (and penalties and interest relating thereto) in installment payments if the sales tax administering authority determines that such agreement will facilitate the collection of such liability. The agreement shall remain in effect for the term of the agreement unless the information that the person provided to the sales tax administering authority was materially inaccurate or incomplete. The sales tax administering authority may compromise any amounts alleged to be due.
The next sections are much more interesting as they cover many specific situations that have special rules. Chapter Seven is next!
