Guaranteed Installment Agreement
If you owe less than $10,000 in assessed taxes and can pay off your IRS balance within 36 months (or before the collection statute expiration date, whichever is shorter), you can enter into a guaranteed installment agreement.
Advantages of a Guaranteed Installment Agreement:
- Guaranteed acceptance if you meet the requirements
- Easy to obtain
- Require minimal financial disclosure
- Do not require the approval of an IRS manager
- You do not need to liquidate assets
- Avoid the filing of a Federal Tax Lien
To qualify for a Guaranteed Installment Agreement, you must:
- have all required tax returns filed and paid within the last 5 years
- agree to file and pay all taxes due during the term of the agreement
- owe $10,000 or less (excluding penalties and interest)
- not have a current payment agreement with IRS or a payment agreement within the last 5 years
- be able to full pay your tax balance within 36 months or before the collection statute expires
- owe only income tax
Guaranteed Installment Agreement Example:
- $8,900 owed / 36 months = Monthly Payments of $248