By greenberg law group, p.a.
Keep reading to learn all about IRS Installment Agreements.
What happens if you can’t pay your installment payments? Let’s explore the answers
An IA is a payment option for those who cannot pay their total debt at once. It allows taxpayers to settle their bills over time.
A short-term payment requires individual taxpayers to pay their debt in 180 days or less. A long-term payment, taxpayers can pay the amount owed monthly for more than 180 days.
Yes, but there will be consequences. When you miss your installment payment, technically, the IRS can default on your agreement.
When this happens, your payment plan is canceled, putting you back where you started—the obligation to pay the full amount in debt in one payment.
1. Plan to Avoid Payment Issues
2. Communicate with the IRS
3. Seek Professional Assistance