IRS Installment Agreements for Tax Debts - PowerPoint PPT Presentation


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IRS Installment Agreements for Tax Debts


Know eligible criteria and Different kinds of payment plan available by which you can apply to the IRS Installment Agreements – PowerPoint PPT presentation

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Title: IRS Installment Agreements for Tax Debts

(No Transcript)
What You Need to Know
An installment agreement is an IRS tax debt
payment plan that allows taxpayers to pay their
debt over time in monthly installments. Taxpayers
who do not have to have the ability to pay their
back taxes in one lump sum can choose to pay the
debt with an Installment Agreement. For those
that qualify, the IRS also offers installment
agreements that accommodate a taxpayers
financial situation.
Eligibility Requirements
  • There are many kinds of installment agreements
    each designed to suit taxpayers different
    payment needs.
  • Every installment agreement has certain
    qualifying factors. The IRS reviews the
    taxpayers financial situation to determine their
    ability to pay.
  • For tax debt amounts of 10,000 or less, the IRS
    does not require a financial statement to
    determine ability to pay.
  • The IRS evaluates the income, assets, and
    expenditures of a taxpayer to design a
    comfortable and realistic payment agreement.
  • For larger tax debt amounts of 50,000 or more,
    the IRS requires a financial statement to
    determine the payment that a taxpayer will make
    each month.

To do Before Applying for an Installment Agreement
  • You must file your past tax returns.
  • Include your SSN, name, address, daytime phone
    number, tax years and return type on your every
  • Inform the IRS if your address, filing status,
    name or other contact information changes.
  • Pay the scheduled payments on time and at least
    the minimum amount determined.
  • Remember, any refunds youre entitled to after
    qualifying for an Installment Agreement will be
    applied to your tax debt.

Eligibility Requirements for different plans
Different types of Installment Agreements
  • There are many types of installment agreements,
    which may be chosen based on the amount of tax
    debt owed and the taxpayers financial ability.
  • Taxpayers must choose the correct Installment
    Agreement to pay their tax debt for successful
    and early resolution of tax debt.
  • Let us take a look at some of the popular
    Installment Agreements
  • Non-Disclosure Installment Agreement
  • Fresh Start Streamlined Installment Agreement
  • Partial Payment Installment Agreement

Non-Disclosure Installment Agreement
  • Taxpayers that owe 25,000 or less in tax debt
    can resolve their back taxes through a
    Non-Disclosure Installment Agreement.
  • Under this payment plan, taxpayers can pay the
    amount of the tax debt in installments without
    sharing their extensive financial details.
  • The amount of payment to be made in monthly
    installments is calculated by dividing the total
    tax debt by the number of months required to pay
    it back.
  • The maximum term for paying the debt under this
    payment plan is 72 months.
  • Taxpayers that cannot pay their tax debt in a
    single payment can use the Non-Disclosure
    Installment Agreement to achieve a simple

Fresh Start Streamlined Installment Agreements
  • Under the Fresh Start initiative, the IRS has
    introduced flexibility in Installment Agreements.
  • For this agreement, the IRS has increased the
    maximum dollar criteria from 25,000 to 50,000,
    and increased the maximum term for debt payment
    from 60 months to 72 months.
  • Taxpayers that apply for this Agreement do not
    need to share a financial statement with the IRS,
    but they may need to share certain financial
    information during the resolution process.
  • There are two kinds of Streamlined Installment
    Agreement one for those who owe 25,000 or less,
    and the other for those who owe 25,001 to

Partial Payment Installment Agreement
  • Under the Partial Payment Installment Agreement,
    taxpayers do not necessarily need to pay the
    entire amount of tax debt.
  • Partial Payment Installment Agreement provides
    taxpayers a way to get their tax debt amount
    reduced so that they can pay the balance and
    resolve their debt.
  • Installment Agreements are a popular method of
    tax debt resolution because many taxpayers
    fulfill their eligibility criteria.

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