There are 6 major IRS Installment Agreements you may qualify depending on the type and amount of tax you owe:

• IRS Guaranteed Installment Agreement: This option is available if you owe $10,000 or less, individual income tax only, to the IRS. Typically, you’ll have up to three years to pay off your debt.
• IRS Fresh Start Installment Agreement (Balance Up To $25,000): If your individual or business income tax debt is less than $25,001, this plan offers up to a 72-month repayment period.
• Partial Pay Installment Agreement (Any amount and any type of tax): With this type of IA, you will not pay your debt in full. There are very specific requirements to qualify, including a financial review every 2 years.
• Non-Streamlined IRS Payment Plans (Balance Up To $250,000): If you owe more than $50,000 and up to $250,000, the agreement must fully pay amount due prior to Collection Statute Expiration Date (CSED).
• Currently Not Collectible (CNC): For individuals facing financial hardship. IRS temporarily suspends collection efforts. No payments required, but the debt remains and must be resolved eventually.
• Installment Agreement for Business Taxes: Specifically for businesses with unpaid payroll taxes. Requires detailed financial information and may involve stricter terms.

Each type of agreement has specific eligibility criteria and terms, so make sure and contact Noble Pacific Tax Resolution as we specialize in this.