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IRS installment agreements: Paying the taxman over time

Although you might be the most conscientious taxpayer in Georgia, that salutary personal trait might have little meaning in the event of a major financial setback that materially challenges your ability to timely discharge outstanding tax debt.

Think unforeseen medical debt, which is actually a leading catalyst fueling bankruptcy filings across the country. Or job loss/demotion, which is a continuing reality for millions of Americans as the nation continues to dig its way out of the so-called Great Recession.

Although commonly perceived as a harsh and uncompromising agency when it comes to tax debt matters, the Internal Revenue Service is not impervious to the struggles that many taxpayers face when trying to deal with back taxes owed the government.

In response, the IRS administers several installment payment programs that are offered eligible filers who are unable to pay off tax debt in a single payment. One Internet-based research company with a focus on personal finance provides relevant data concerning the various options, which we briefly touch upon here.

Although each of the IRS payment alternatives comes with discrete eligibility requirements, all the plans generally provide for structured payments over time. How long payments can be strung out, and in what monthly amounts, will depend on the unique facts presented in each applicant’s case.

Any taxpayer interested in obtaining detailed information about the payment plans can of course speak with an experienced tax attorney, who can discuss payment options with a filer and help negotiate an affordable payment plan with the IRS.

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