From The Desk of Keith L. Jones, CPA
UNDERSTANDING IRS TAX PAYMENT PLANS
For taxpayers who are in debt but cannot pay it all off immediately, the IRS offers choices. An IRS payment plan is frequently the best way for taxpayers to resolve their tax problem.
The IRS tax payment plan enables people with unpaid federal taxes to repay their debt over time without facing escalating collection efforts. There are various IRS tax payment plans that are accepted by the IRS, including:
Guaranteed installment agreement plan Streamlined installment agreements Stair-step arrangements Offers in Compromise Partial payment installment agreements
The IRS payment plan you choose will depend on your financial position, the amount of taxes you owe, and other factors. The two main types of IRS tax payment plans are short-term and long-term payment plans.
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