From Wikipedia, the free encyclopedia
![]() | This article's tone or style may not reflect the encyclopedic tone used on Wikipedia. See Wikipedia's guide to writing better articles for suggestions. (July 2019) (Learn how and when to remove this message) |
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
[edit]- 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
[edit]- ^ "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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