Are you struggling to pay your taxes to the IRS and wondering if you can have two installment agreements with the agency? The simple answer is no, you typically cannot have two installment agreements with the IRS simultaneously.
Installment agreements are a great way to pay off your tax debt over time, but only one installment agreement can be active at a time. If you already have an active installment agreement in place, you will not be able to set up a second one until the first agreement is paid in full or terminated.
However, there are some situations where the IRS may allow you to set up a new installment agreement while you are still paying off your current one. For instance, if your financial situation has changed and you are unable to make payments under your existing agreement, you may be able to negotiate a new agreement with the IRS.
It is important to note that the IRS will review your financial situation and your tax compliance history before deciding whether to approve a new installment agreement. If you have a good history of paying your taxes on time and have not defaulted on previous agreements, you may have a better chance of getting a new agreement approved.
If you are struggling to meet your tax obligations, consider reaching out to the IRS for assistance. They may be able to work with you to set up an affordable installment agreement that fits your budget and helps you avoid penalties and interest charges.
In conclusion, having two installment agreements with the IRS at the same time is generally not possible. However, there may be some exceptions to this rule depending on your financial situation and tax history. It`s always best to consult with an experienced tax professional or reach out directly to the IRS for guidance.
