When a taxpayer agrees to an installment agreement or payment plan, they agree to make regular monthly payments to the IRS until the balance is paid in full. This is necessary when a taxpayer has outstanding payments.
The IRS calculates the amount of the monthly payment for each person based on the taxpayer’s income, allowable monthly expenses, and the time remaining in their Statute of Limitations. It’s important to work with a professional to determine which type of plan is best for you.
The IRS makes various Installment Plan programs available to taxpayers, including Streamlined Installment Agreement, Fresh Start Streamlined Installment Plan, Partial Payment Installment Agreement. and Tiered Installment Plan.
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