[1]Last year, the IRS piloted a test to provide streamlined processing of installment agreements for tax balances between $50,000 and $100,000. The test allowed people who these amounts to establish an installment agreement with payments terms of 84 months without filing detailed financial statements with the IRS. The catch is that the IRS will still file a tax lien on these taxpayers.
As a result, higher-debt taxpayers will be able to get into an agreement with the IRS faster. In particular, people affected by passport restrictions [2] will be able to travel again sooner. And the IRS won’t have to review extensive financial documents to determine how much taxpayers should pay each month.
For more information, visit https://www.irs.gov/businesses/small-businesses-self-employed/streamlined-processing-of-installment-agreements [3].