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Video instructions and help with filling out and completing How Form 2220 Installment

Instructions and Help about How Form 2220 Installment

Fire s installment agreements answers to your questions. Hi, my name is Darren Mesh and I'm an attorney whose practice is located in Tampa, Florida. We represent clients nationally and internationally with their problems with the IRS. I'm here today to answer some common questions that people have about IRS installment agreements: what are they, how do you get one, are there different types, do I have to fully pay how much I owe to the IRS, and how long can I get one for? Well, there are basically three types of installment agreements in my opinion. First, there is something called a streamlined installment agreement. This is called "streamlined" because if you owe under $25,000 and meet certain conditions (which I don't have time to go into right now), you can get a streamlined installment agreement. You would pay off the liability over a 60-month period. Let me give you some numbers. If you owe $25,000 and want to pay that over 60 months, the monthly payment would be approximately $450. However, that wouldn't fully pay the liability due to penalties and interest. So, a payment somewhere around $500 a month would be considered a streamlined installment agreement. The second type is a complex installment agreement. If you owe over $25,000, it will be much harder to get an installment agreement. You will have to justify what you can afford to pay each month. This involves filling out a collection information statement and negotiating with the IRS. For example, if you owe $80,000 and the IRS thinks you can afford $1,200 a month, then that will be your payment. The third type is a partial pay installment agreement. This type of agreement means that the amount of your monthly payment will not fully pay off the liability within the 10-year statute of...