How long does it take for my installment payment plan to be approved?

[melissa-m_mercad]

I just submitted an automatic instalment payment plan to pay off my taxes. its Saturday 4/13 and taxes are due on the 15th, how long before I know if my installment plan got approved and will I know before the due date? if not, is there some sort of penalty for it being approved past April 15th?

[Ashby]

It will take some time. You will know that your tax filing got accepted. However, you will not get any information on your installment agreement for several weeks. This will come by regular mail. If you chose direct debit, your first payment will come out in about 60 days. You will be charged interest and 1/2% per month of tax owed for each month you are in the payment plan.

[matson322]

I set up a payment plan last year for my 2017 return, it wasn't until July before they started taking money from my bank account.