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The IRS encourages you to pay your tax debt as quickly as possible. For those individuals or businesses not able to resolve a tax debt immediately, a tax installment agreement can be a reasonable payment option.


An installment plan is an agreement with the IRS to pay the taxes you owe within an extended timeframe. To be eligible for a tax installment agreement, all returns that are due must first be filed. Installment agreements generally require equal monthly payments.


The amount of an installment payment will be based on the amount of taxes owed and on the taxpayer’s ability to pay that amount within the time legally available for the IRS to collect.



There are various types of installment agreements available based on the amount of tax owed and the timeframe for repayment, including: 

  • Short-Term Payment Plan: Paying in 120 days or less

  • Direct Deposit Long-Term Payment Plan: Paying in more than 120 days through automatic withdrawals

  • Non-Direct Deposit Long-Term Payment Plan: Paying in more than 120 days without automatic withdrawals

  • Restructure or Reinstate Agreement: If you are a taxpayer who already has a tax installment agreement, you may still be able to find help. The amount previously agreed to may be lowered if circumstances show your ability to pay has decreased.

  • Partial Payment Agreement:  If full payment cannot be made based on taxpayer circumstances within the Collection Statute Expiration Date (CSED), and taxpayers have some ability to pay, you can enter into Partial Payment Installment Agreements (PPIAs) with the IRS.

Call The Tax Man today at 804-317-2531 for a free consultation and more information about tax installment agreements. My goal is to help you set up a payment option that works for you, pays off the tax debt in the shortest amount of time, and will keep the interest accumulation to a minimum.

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