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IRS Extends Timeline for Streamlined Installment Agreements

Examiners are now authorized to prepare streamlined installment agreements for taxpayers having a tax deficiency of $25,000 or less that can be paid within 72 months, according to the Internal Revenue Service Small Business/Self-Employed Division.

Tax deficiencies include tax, penalties, and interest, according to the memorandum (SBSE-04-0412-021). The time frame to pay under a streamlined installment agreement was previously 60 months.

Examiners must continue to refer to Collection any taxpayer seeking an installment agreement who has a deficiency exceeding the $25,000 limit, IRS said. The dollar limit has been raised to $50,000 for Collection to secure a streamlined installment agreement, the memorandum said.

Read more at: Tax Times blog

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