Previously, the IRS announced that they were testing new expanded criteria for streamlined installment agreements. This expanded criteria allowed previously unqualified taxpayers to qualify for the streamlined process. This test was set to run through September 30, 2017.
The IRS has now extended the testing period to run through September 30, 2018. This is good news for taxpayers and businesses hoping to settle past tax liabilities in a quick and efficient manner.
On the IRS website, they state that, “One expanded criterion being tested immediately is this: Individual taxpayers with an assessed balance of tax, penalty and interest between $50,000 and $100,000 may experience accelerated processing of their installment agreement request. This will occur if the taxpayers’ proposed monthly payment is the greater of their total assessed balance divided by 84 – or – the amount necessary to fully satisfy the liability by the Collection Statute Expiration Date.”