Latest Posts

Explained: Streamlined Installment Agreements with the IRS

IRS Streamlined Installment Agreement is a faster way to pay for debts to the IRS because you aren’t required to show verification of your assets, expenses, debts, or income. It can also be spread out the cost so it doesn’t have to be paid back all at once.

If you owe the IRS $100,000 or less or if your business owes $25,000 or less, you may qualify for a Streamlined Installment Agreement (SIA).

More of what a Streamlined Installment Agreement is

If you owe less than what’s outlined above, you do not have to fill out a Collection Information Statement given by the IRS. You don’t have to spend time filling this out, becoming approved or disapproved, or waiting for further instructions.

How to get a Streamlined Installment Agreement

Taxpayers who owe less than $100,000 and meet the terms and conditions can get into one of the plans listed below (36, 72, or 84 months).

It’s easy to sign up for an agreement. The IRS says this on their website:

“Apply online through the Online Payment Agreement tool or apply by phone [1-800-829-1040], mail, or in-person at an IRS walk-in office by submitting Form 9465, Installment Agreement Request.”

A few reasons to choose a Streamlined Installment Agreement

Taxpayers have options when it comes to paying back the IRS. Here are a good reasons to do so:

  • Can sign up with one phone call to the IRS
  • Much mess paperwork
  • Do not have to file financial information with the IRS or prove ability to pay
  • Do not have to liquidate or borrow against assets.

How long you have to pay back the IRS

You have3 options when it comes to paying the IRS back:

Option #1: 36 months

This is a Guaranteed Installment Agreement (GIA) plan and happens when you owe $10,000 or less.

Financial disclosure is not required.

Option #2: 72 months

This is a Streamlined Installment Agreement (SLIA) plan and happens when you owe $50,000 or less.

Financial disclosure is required if the amount it between $25,000 and $50,000

Option #3: 84 months

This is a Streamlined Processing Agreement Pilot plan and happens when you owe between $50,000- $100,000.

Financial disclosure is required if taxpayers do not agree to automatic payments

At McCauley Law Offices, P.C., our lawyers will find a solution to your tax problems, no matter how complex your IRS issue is. View our services and contact us (or call 610-388-4474) to schedule a free consultation with one of our tax attorneys. View and purchase Gregory McCauley’s published work “TAXJAMS: Simple Solutions” on Amazon. From our office in Chester County, Pennsylvania, we find tax solutions for clients throughout the country.

McCauley Law Offices can help!

Shared Posts