How likely is the IRS to approve a long-term payment plan when you owe only a few thousand dollars, have filed all your prior tax returns, and have never had an IRS installment agreement before? In this video, CPA Logan Allec reviews the IRS requirements for a guaranteed installment agreement under Internal Revenue Manual Section 5.14.5.3. He explains why taxpayers who owe $10,000 or less in income tax may have a very strong chance of getting approved when they meet the applicable filing, payment, and compliance requirements. You’ll learn: - How guaranteed IRS installment agreements work - Why the $10,000 threshold matters - Whether having no previous payment plan helps - How much time the IRS may allow you to pay - What can cause an approved payment plan to default later Although the guaranteed-installment-agreement rules generally contemplate repayment within three years, some taxpayers may qualify for longer repayment terms under other IRS installment-agreement procedures. Do y...