| Type of Payment Agreement | Total Liability Limit? | Timeframe for Payment | Eligibility Requirements | Provide Financial Info? | Who is Eligible? |
|---|---|---|---|---|---|
| Guaranteed Installment Agreement | $10,000 or less | Within 36 months or prior to the ten-year statutory period for collection, whichever is earlier | - The agreement must provide for full payment of the liabilities within the payment timeframe - Filed and full paid all tax returns during 5 years prior to the liability and have not had an installment agreement within the past 5 years - You cannot full pay the liabilities when due |
Limited | - Individuals (income tax only) |
| In-Business Trust Fund Express Installment Agreements | $10,000 or less | Within 24 months or prior to the ten-year statutory period for collection, whichever is earlier | - The agreement must provide for full payment of the liabilities within the payment timeframe -The business cannot immediately full pay - Compliance with return-filing requirements and certain payment and deposit requirements |
Limited | - In-Business taxpayers |
| Streamline Installment Agreement | $25,000 or less | Within 60 months or prior to the expiration of the ten-year statutory period for collection, whichever is earlier | - You can’t immediately full pay - Proposed installment amount must full pay within established timeframes - Compliance with return-filing requirements and certain payment requirements |
Limited | - Individuals - Businesses (income tax only) - Out of business taxpayers (any tax) |
| Installment Agreement | No limit | Within the remainder of the ten-year statutory period for collection | - You can’t immediately full pay but have an ability to make monthly payments that will full pay your liability within the statutory period for collection - Must make monthly payments as determined by IRS - Equity in assets must be used for payment in most cases - Compliance with return-filing requirements and certain payment requirements |
Yes | All |
| Partial Payment Installment Agreement | No limit | Typically, within the remainder of the ten-year statutory period for collection | - You can’t immediately full pay but can make monthly payments. However, the monthly payments will not full pay the total liability within the remainder of the ten-year statutory period for collection. - Equity in assets must be used for payment in most cases - Must pay maximum monthly payments as determined by IRS for the remainder of the ten-year statutory period for collection - Compliance with return-filing requirements and certain payment requirements - Agreements are reviewed every two years |
Yes | All |
| Offer in Compromise | No limit | Varies- see offer matrix | - You can’t immediately full pay or full pay through an installment agreement - Compliance with all filing requirements and certain payment requirements, including estimated tax payments and federal tax deposit requirements |
Yes | All |
Bookmark & Share:
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment