Installment Agreement Plans

Installment Agreement Plans

Guaranteed Installment Agreement

To be eligible for a guaranteed installment agreement with the IRS, you must

• Owe less than $10,000.
• Ability to pay off the tax liability within three years.
• You must have also filed and paid your tax returns on time for the past five years.
• No financial information is needed.

Streamlined Installment Agreement

If your tax liability to the IRS is less than $50,000 or if your business owes $25,000 or less, you may be eligible for a Streamlined Installment Agreement. The Internal Revenue Service refers to these installment agreements as streamlined because they don’t require analysis of your assets, expenses, liabilities, or cash flow from bank accounts.
If your tax liability is greater than $50,000, you will have to provide the IRS with personal financial statements, and qualifying for the payment plan is more strenuous.