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IRS Payment Plan

IRS Installment Agreements

The IRS is willing to help you pay back your tax debt through a payment plan, if you cannot afford to pay it back all at once. The payment plans differ based off of how much you owe, and what your current financial status is. A payment plan may be a great solution to your tax debt, allowing you to pay it off in an affordable and timely manner.

Types of Payment Plans

IRS Installment Agreement
The installment agreement can help you get a levy or wage garnishment released, and does not prevent you from also qualifying for penalty abatement, offer in compromise, currently non collectible or other relief programs. IT is most common for the IRS to grant an installment agreement when the tax debt owed is less than $25,000.

Types of Installment Agreements

Guaranteed Installment Agreement
A basic agreement for those who owe less than $10,000 to the IRS.
Streamlined installment agreement
The agreement is called streamlined, because you do not have to disclose your full financial status. This is only for taxpayers who owe $25,000 or less in delinquent taxes.
Standard Installment Agreement
If you owe more than $25,000 in back taxes, or you cannot afford the minimum payments on a streamlined installment agreement, you may fill out IRS Form 433-F so the IRS can determine what you are able to pay.
Partial Payment Installment Agreement
If you cannot pay off the entire debt, or the statute of limitations is coming up before the entire debt will be satisfied, the IRS may allow you to go on a partial payment plan.

What do know before you request a payment plan.

  1. The IRS will not accept a payment plan if you are missing tax returns
  2. The IRS requires you to tell them of any assets you may have, including cash and bank accounts in your name.
  3. You have to provide proof that you can pay the IRS according to the plan.
  4. That you do not have the ability to pay off the debt with a home loan, life insurance policy, or IRA fund.
Your payment plan can be revoked, and enforced collection action taken if you;
  1. Default on a payment
  2. Do not file your taxes on time
  3. Have any additional tax liability added that you do not pay on time.
  4. Do not provide updated financial information when requested by the IRS.

Get Help - Free Case Review

Tax works with tax attorneys, CPA’s, Enrolled Agents, former IRS agents, and tax relief specialists who can assist you requesting an IRS payment plan. A tax professional has experience working with the different types of IRS installment agreement, as well as other IRS tax relief program that will save you time, money, and headache. To talk with a tax specialist about an IRS payment plan, or other IRS tax relief program; contact us online, or call us at 888-241-0002, and find out what you may be able to save.
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