My business was on an installment plan with the IRS and we paid it off within a year. We are also not on track to pay taxes on time this year. Can you obtain a new installment plan?

ANSWER

The BIDaWIZ Team's Answer:

It depends on the type of installment plan in place. For guaranteed installment plans, you cannot obtain a new plan within 5 years after the previous plan as per IRC Section 6159(c)(2)(C). However, the streamlined installment plan is less stringent and it's possible the IRS will approve this plan.