What’s an Installment Agreement and how do you get one? There are basically three types of Installment Agreement. They are:
- Streamlined Installment Agreement – useful if you owe $25,000 or less and can full pay within 60 months.
- Complex Installment Agreement – what you need to do if you owe more than $25,000 or you can’t afford to full pay within 60 months or the number of months left on the Collection Statute.
- Partial Pay Installment Agreement – an Installment Agreement that will not full pay within the number of months left on the Collection Statute.
Remember that the Collection Statute of Limitations is ten years from the date of the assessment. There are many factors that can cause this time frame to be enlarged. So you can’t be assured how many months are left on the Collection Statute without first checking the IRS transcripts. This is very useful information to know particularly when deciding if a Partial Pay Installment Agreement is the best option for you.
Watch the video to learn more about the three types of Installment Agreement, when you use them, and how to get one.