Installment Agreement

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An Installment Agreement is a United States Internal Revenue Service (IRS) program that allows individuals to pay tax debt in monthly payments.

There IRS has several different kinds of Installment Agreements; Guaranteed, Streamline, Partial and Full Pay. There are a number of requirements that have to be met before an installment agreement can be granted to a tax payer.

Requirements

• Has to file all minimum required tax returns.
• Must owe $50,000 or less.
• Monthly payment cannot be less than $25 a month.
• Keep a check on future refunds that can applied for tax refunds until tax debt is paid in full.

References

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