Tax Dictionary – Installment Agreement for Business
If the IRS determines that the taxpayer can pay current taxes as well as operating expenses, and pay delinquent taxes, then the IRS may enter into an installment agreement with the business. Taxpayers identified as repeaters may not immediately be granted installment agreements.
More from H&R Block
If you can show that your business can pay current expenses including all taxes and make an installment agreement payment, the IRS may agree to set up an installment agreement. Before looking at income and expenses, the IRS will look at any business assets not necessary for the production of income that could be sold to pay off or pay down the tax debt.
Learn what the IRS negligence penalty means, and how the IRS determines whether to assess it. Read the IRS definition and get more insight from H&R Block.
Learn about the IRS Notice CP85A, why you received it, and how to resolve an incorrect filing status. Get tax help from the tax experts at H&R Block.
Learn more about letter 3572, why you received it, and how to handle an IRS audit with help from the tax experts at H&R Block.
Get the facts from H&R Block about IRS revenue agents. If your audit letter is signed by a revenue agent, the audit is likely to be complex.