How Partial Payment Installment Agreements Work
An installment agreement is an agreement between a taxpayer and the IRS to pay the taxpayer’s tax debt in installments. The taxpayer must agree to pay the full amount of their tax debt, plus interest and penalties, within three years.
The IRS offers two types of installment agreements: guaranteed and partial payment.
A guaranteed installment agreement means that as long as the taxpayer pays the agreed-upon amount each month, the IRS cannot garnish their wages or take any other collection action.
A partial payment installment agreement allows the taxpayer to make smaller monthly payments over a longer period of time, but does not protect them from wage garnishment or other collection actions.
To qualify for a partial payment installment agreement, taxpayers must prove that they cannot pay their full tax debt within three years and that they are unable to make larger monthly payments.
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