Taxpayers who owe the Internal Revenue Service can request a monthly installment agreement to make a series of payments over time, according to the IRS. Alternatively, taxpayers can request an extension of time to pay their bill up to 120 days.Continue Reading
Monthly payment arrangements incur a one-time installment agreement user fee, which is reduced if the installments are paid via a direct debit from the taxpayer's bank account, notes the IRS. Taxpayers with incomes below 250 percent of the federal poverty guidelines may request a reduced user fee.
Regardless of the arrangement, any amount owed accrues interest and a monthly late payment penalty until the balance is paid in full, as the IRS explains.Learn more about Taxes