If you don’t, the IRS can cancel your installment agreement and request full payment. One last thing you should always remember is that an installment agreement doesn’t eliminate late-payment interest and penalties—it only prevents the IRS from pursuing more severe collection procedure...
IRS Payment Plans How to settle your tax debts. An IRS payment plan permits the taxpayer to pay his full federal tax debt in installments. The IRS payment plan can be as long as 72 months. Tax relief agreements generally require equal monthly payments. The amount and number of installment p...