Are IRS Partial Payment Installment Agreements a Good Option?

Smart or Not - Partial Payment Installment Agreement with the IRS... Let's go over the Pros and Cons!

Are you falling behind on your taxes? If you can't pay all of your taxes without going homeless, then you might think Partial Payment Installment Agreements (PPIA) are a great option.

And they are! Paying a small monthly payment and still affording food is a good deal if you're tax debt is significant. 

As long as you make your monthly payments, you can rest at ease, knowing the IRS isn't going to levy your bank accounts or garnish your wages. 

Peace of mind

If you don't earn a large income and your financial situation doesn't change over the years, then your monthly tax payment will remain low and eventually expire.

The IRS can increase your monthly payments if you get a nice income boost and start making more. You aren't actually done dealing with the IRS until the debt expires after 10 years, or you're completely paid. This bothers some more than others.

The Bad Stuff