A Simpler Path to Tax Resolution

Understanding Streamlined Installment Agreements

The IRS offers streamlined installment agreements as a simplified method for taxpayers to settle their tax debts.

  • Qualification Criteria: These agreements are available to individuals who owe $50,000 or less in combined tax, penalties, and interest. Businesses may also qualify if their tax debt does not exceed $25,000.
  • Liability Limits and Payment Terms: The maximum liability limit for streamlined agreements is $50,000 for individuals and $25,000 for businesses. Payment terms can extend up to 72 months, depending on the amount owed.
  • Application Process: Taxpayers can apply for a streamlined installment agreement online, by phone, or by mail. The process requires less documentation than other payment plans.
  • Compliance Requirements: To remain eligible, taxpayers must stay current with all filing and payment obligations during the agreement. This includes paying future taxes in full and on time.
  • Advantages: Streamlined installment agreements offer a less burdensome way to manage tax debt without the need for detailed financial disclosures.
  • Kick Tax Pro Assistance: Navigating the specifics of an installment agreement can be complex. Kick Tax Pro provides guidance throughout the application process, ensuring compliance and helping to set up manageable payment plans.

Streamlined installment agreements represent a straightforward option for taxpayers to address their tax debts, offering a clear path toward financial stability.