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Most taxpayers are unable to pay their tax debt in a single payment, especially if it is in the thousands. That is why the IRS has a debt repayment program that allows taxpayers to pay their debt amount in monthly payments. While it has variations, this program is commonly referred to as an Installment Agreement.
Installment Agreement Facts
An Installment Agreement is the most popular type of IRS payment plan. How much the payments are and the length of the installment period of time will depend on the IRS' calculations, either by dividing the total debt over 60 months or the number of months left within the Statute of Limitations.
Installment Agreement Types
There are various Installment Agreements taxpayers can apply for, depending on their tax situation and personal circumstances, including:
- Streamlined Agreement
- Non-Streamlined Agreement
- Guaranteed Installment Agreement
Once a taxpayer enters into an agreement with the IRS, the terms are binding, and any default may bring aggressive collections. Therefore, taxpayers who are interested in any of the above mentioned Installment Agreement options should consult with a tax professional before applying to ensure they reach the best possible payment arrangement for their financial situation. Call today for a free consultation about the facts on the IRS' Installment Agreement programs.