The IRS is doing a test for Streamline Installment Agreements
Posted By: Jennifer O'Neill // Mar 13, 2017
The IRS is currently doing a test for Streamline Installment Agreements through September of this year for individuals who have filed all required returns and have an assessed balance of $50,001 to $100,000.
There currently is no Streamlined Installment Agreement offered for an assessed balance of $50,001 to $100,000. This test is being done to determine if any permanent changes are appropriate.
During the test, the Collection Information Statement is not required if the taxpayer agrees to make direct debit or payroll deductions. If one of these methods is not used then the Collection Statement is required. Payment terms are up to 84 months or however long it takes to pay the liability in full.
During the test period the IRS will solicit Practitioners feedback, evaluate the results and determine if any permanent changes are appropriate.
The IRS encourages those that qualify to use the online payment agreement application as it saves time and money as opposed to calling or mailing the request.
As always it is best to contact a professional to review any agreements.
Prepared and presented by:
Stephanie L. Kashino
IRS Help, Inc.