Installment Agreement
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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]
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
- ^ "IRS Installment Agreement – It's In The Numbers". Open Tax advocates. July 28, 2021.
- ^ Payment Plans, Installment Agreements by IRS
- ^ "Pros and Cons of IRS Installment Agreements | IRS Payment Plan". 24 May 2018.
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