Can I pay the tax due in installments?
373 views | Last modified 3/19/2021 9:26:47 AM EST | Added by ExpressEfile Team

Applicable To
Form 941 Form 1099 / W-2 Form 2290

Yes, you can pay the tax due for Form 941 in installments. If you aren’t able to pay the total tax amount you owe to the IRS, you can file Form 9465, Installment Agreement Request. By doing so, you are allowed to pay your tax amount in installments if your request is approved by the IRS. You can apply for it either by paper filing or online. The IRS allows you to apply online if the tax amount you owe is less than $50,000.

Guaranteed installment agreement
The criteria for getting a guaranteed installment agreement is that your tax amount should not exceed $10,000 and:

  • You should have paid taxes without fail during the past 5 days and haven’t used installment agreement for paying income tax.
  • You should agree to pay the full tax amount within 3 years and to be compliant with the IRS tax rules.
  • You should submit the proof that you are financially unstable to pay the taxes you owe now.

If you are capable of paying taxes you owe within 120 days, you can prefer a short-term payment plan. For this, you can apply for an online payment agreement (OPA).
 

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