Streamlined Installment Agreement

A Streamlined Installment Agreement is only for taxpayers who have tax debt (including penalties and interest) under $25,000.  Because it is for taxpayers who owe under $25,000, the IRS can calculate a reasonable payment plan over the course of a five year period.  (This payment plan takes into account future interest on the debt so it is more advantageous to pay the debt off sooner if you can.)

In order to qualify for the IRS Streamlined Installment Agreement, you must also have filed all tax returns.  If you have any delinquent returns, the IRS will not consider any sort of agreement, such as an installment agreement or Offer in Compromise.  Additionally, you will not be able to obtain a streamlined installment agreement if you are in/planning to declare bankruptcy or had an Offer in Compromise accepted. Contact TaxFirm.com today for assistance with your IRS Streamlined Installment Agreement.