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IRS installment agreements

What are IRS Installment Agreements?

When you owe money to the IRS, it’s not just the tax debt you’ll need to pay, but also interest and penalties. The IRS expects timely and full payment of taxes, and they can impose penalties for non-payment, regardless of your situation. However, there are solutions available for those struggling to pay their tax debt in full.

One of the best options is an IRS installment agreement, which allows taxpayers to pay off their tax debt over time, similar to a car loan or credit card bill. While the interest rates on these agreements may be higher than other loans, they provide relief by giving you time to pay down the debt without facing immediate collection actions from the IRS.

What is an IRS Installment Agreement?

An installment agreement is a payment plan offered by the IRS to help taxpayers settle their federal tax liability in manageable payments. This option is ideal for those who are unable to pay their full tax debt at once. The IRS offers several ways for taxpayers to make these payments, including:

Direct debit from your bank account

Payroll deduction from your employer

Payment by check

Electronic Federal Payment System (EFTPS)

Credit card payment

Online payment agreement

Payment via check or money order

Costs and Fees

When entering an installment agreement, the IRS may charge a fee depending on the type of agreement you choose. For example, there could be fees associated with setting up a standard installment agreement or a payroll deduction installment agreement. Taxpayers who meet specific qualifications can apply for a reduced fee using Form 19844 (Application for a Reduced User Fee for Installment Agreements).

These agreements provide flexibility, but it's essential to understand the associated costs and to stay current with payments to avoid additional penalties.

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