Will the IRS Approve a Payment Plan for a $4,100 Tax Bill?

How likely is the IRS to approve a long-term payment plan when you owe only a few thousand dollars, have filed all your prior tax returns, and have never had an IRS installment agreement before?

In this video, CPA Logan Allec reviews the IRS requirements for a guaranteed installment agreement under Internal Revenue Manual Section 5.14.5.3. He explains why taxpayers who owe $10,000 or less in income tax may have a very strong chance of getting approved when they meet the applicable filing, payment, and compliance requirements.

You’ll learn:

• How guaranteed IRS installment agreements work
  
  
• Why the $10,000 threshold matters
  
  
• Whether having no previous payment plan helps
  
  
• How much time the IRS may allow you to pay
  
  
• What can cause an approved payment plan to default later
  
  

Although the guaranteed-installment-agreement rules generally contemplate repayment within three years, some taxpayers may qualify for longer repayment terms under other IRS installment-agreement procedures.

Do you owe the IRS or your state at least $10,000 in back taxes? Or do you have multiple years of tax returns you need to get filed? Book a free consultation here: https://choicetaxrelief.com/free-tax-...

This video is for general educational purposes and is not individualized tax or legal advice.

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