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Installment Agreement

From Wikipedia, the free encyclopedia

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An Instalment 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 Instalment Agreements; Guaranteed, Streamline, Partial and Full Pay. There are a number of requirements that have to be met before an instalment agreement can be granted to a tax payer.[1]

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Requirements

  • Has to file all minimum required tax returns.
  • Must owe $50,000 or less.
  • Monthly payment cannot be less than $25 a month.[2]
  • Keep a check on future refunds that can applied for tax refunds until tax debt is paid in full.[3]

References

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