Installment Agreement
If you cannot pay the full amount of your tax when it is due, you
can ask to make monthly installment payments. Previously, the IRS did not
have to agree to accept the payment of taxes in installments. Beginning
July 22, 1998, the IRS must enter into an installment agreement for the
payment of income tax if you meet all the following conditions on the date
you offer to enter into the agreement.
- Your total income tax owed is not more than $10,000.
- In the last 5 years, you (and your spouse if the liability relates to a joint return) have:
a) Filed all required income tax returns,
b) Paid all taxes shown on the returns you filed, and
c) Not entered into an installment agreement to pay any income tax.
- You show (and the IRS agrees) that you cannot pay your income tax in full when due.
- You agree to pay the tax in full in 3 years or less.
- You agree to comply with the tax laws while your agreement is in effect.
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