I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?
- April 28, 2021
- David Greene
- Comments Off on I would like to set up an Installment Agreement to pay my delinquent taxes. Does the IRS have to accept my Agreement at whatever amount I am willing to pay per month?
The IRS will accept your Installment Agreement request without your furnishing your financial information only if the following conditions are met: 1) the total owed is less than $50,000.00; 2) the taxpayer has filed all required returns for the past seven years; 3) the taxpayer has not entered into another Installment Agreement within the past five years; 4) the IRS agrees that the taxpayer cannot pay the amount due in full immediately; 5) the Installment Agreement must provide for the debt to be paid off within six years; and 6) the taxpayer complies with all applicable income tax provisions while the Installment Agreement is in effect. If all of these conditions are met, the IRS will generally accept whatever amount you propose to pay per month. This is called a Streamline Installment Agreement. I will be happy to discuss your delinquent taxes with you and prepare and file the Installment Agreement request for you if we determine that it is the best option.