The IRS recently updated its qualifications for Simple Payment Plans, previously known as streamlined installment agreements, to include business taxpayers.
According to the agency, these plans are long-term payment arrangements available for qualified taxpayers.
To qualify, businesses must have assessed taxes, penalties and interest of $25,000 or less, or $50,000 for out-of-business sole proprietorships.
Individuals can qualify with $50,000 or less in assessed amounts. If clients do not meet these criteria, they may still be eligible for other payment plans. Learn more.