Setting up an installment agreement with the IRS may be a good option to help you pay off your debt with the IRS. IRS Form 9465 is used to request this special monthly installment plan and it would typically allow you 72 months to pay off the debt. As with other payment options, you’ll first need to file any outstanding back tax returns before applying for this option with the IRS. When the IRS grants you an installment agreement, you'll still be charged penalties and interest as you pay off your debt.
Is an installment agreement right for you? Contact S. Renee Stadius, CPA today at (318) 699-0357 to discuss all the options available to pay off your tax debt with the IRS.