What Is an IRS Installment Agreement?
The IRS works with taxpayers to develop installment agreements that allow them to pay their delinquent balance over time and get back into compliance with both the IRS and the State of Maryland. If you enter into one of these installment agreements, you can choose how much you pay each month as long as you pay off the full amount within six years.
Installment agreements offer a great opportunity for you to pay your taxes in full on a set timeline, and they can help you avoid liens, levies, garnishments, and other potential negative consequences. However, making late payments or missing payments altogether can put you into default, which can lead to trouble.