tax payment plan from IRS

[ak457]

Hi - What are the payment plans like from IRS with regards to interest or penalty and time frame within which you have to finish paying?  Is monthly payments required or will it just accumulate interest until you pay it off?

[ColeenD3 · Accepted solution]

A payment plan, known as an Installment Agreement, (Form 9465) does charge interest. You would pay it monthly and ideally not miss any payment. You choose the number of months you wish to pay the balance due. The faster, the better.

Please see this LINK for more information.