Installment Agreement

Full Definition

An IRS installment agreement allows you to pay your tax debt over time through fixed monthly payments. There are several types: Guaranteed (for debts under $10,000), Streamlined (for debts under $50,000), and regular installment agreements requiring financial documentation. Installment agreements prevent levies and garnishments while in effect, but interest and penalties continue to accrue. You must stay current on future tax obligations to keep your agreement in good standing.