Installment Agreement or IRS payment plans can help you pay off your tax debt over a period of time in the form of an installment loan agreement.
Typically, IRS payment plans take five years or less to complete.
The monthly payments are based on how much you owe and how much you can afford to pay each month.
The IRS may grant extensions to your installment loan agreement under certain conditions. You are just about to file your income tax returns.
However, you discovered that you might not be able to pay the taxes due.
Reason A: You owed more than you can pay.
Reason B: You just completed your return.
Fortunately, the IRS allows taxpayers to negotiate repayment terms on what you owe them. TheCPATaxProblemSolver specializes in tax debt relief solutions such as installment agreement. I can help you settle your back tax bill for a payment that you can afford.
UNDERSTANDING INSTALLMENT AGREEMENT
An installment agreement is an arrangement granted by the IRS. It indicates that the taxpayer can pay his or her outstanding taxes in equal monthly installments over an extended period of time. Do note that interest is applied to the balance owed.