Everything You Need To Know About Irs Installment Agreements
IRS Notice 2272C Understanding IRS Notice 2272C Denied Installment from www.legacytaxresolutionservices.com Introduction to IRS Installment Agreements If you owe the IRS money and are unable to pay the full amount in one lump sum, you may be eligible to enter into an IRS installment agreement. An installment agreement is a legally binding contract between you and the IRS that allows you to pay off your tax debt over a period of time. It is important to understand that an installment agreement does not mean that your debt is forgiven, and you are still responsible for paying any remaining balance after the payment plan ends. Types of Installment Agreements The IRS offers two types of installment agreements: guaranteed and streamlined. Guaranteed installment agreements are available to taxpayers who owe $50,000 or less in taxes, penalties, and interest, and have filed all required returns. Streamlined installment agreements are available to taxpayers who owe $25,000 or less in taxes,...