Installment Agreements

Guaranteed Installment Agreement
This is the simplest plan to qualify for and is available to taxpayers who owe $10,000 or less. It requires that the balance be paid within three years and that you haven’t used another IRS payment plan within the past five years. You must also be current with all filed returns and tax payments during that period.

Streamlined Installment Agreement
If your total balance is under $50,000, you may qualify for this option, which extends the repayment period to six years or less. It’s often referred to as part of the IRS Fresh Start Program. For debts exceeding $50,000, you’ll need to provide a detailed financial statement, and approval may be harder to obtain.

Partial Payment Installment Agreement
If you cannot afford to pay your full debt, the IRS may allow you to make smaller, partial payments over time. This plan is difficult to qualify for, and the IRS will typically file a federal tax lien against your property to secure payment. The downside is that repayment takes longer, and interest continues to accrue.