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If you owe back taxes and can’t afford to pay the IRS in one lump sum, an IRS Payment Plan—also called an Installment Agreement—may be the solution you need. In this video, Dave Horwedel, EA and CEO of Torchlight Tax, breaks down the different types of IRS payment plans, who qualifies for each, and how they can help you get relief from tax debt.
Here’s what you’ll learn:
✅ What an IRS Installment Agreement actually is
✅ The difference between streamlined and regular installment agreements
✅ Why the $25,000 and $50,000 thresholds matter
✅ When the IRS may file a tax lien—and why that’s not the same as a levy
✅ What happens if you owe more than $50,000
✅ How Partial Pay Installment Agreements and Offers in Compromise differ from full-pay plans
✅ What “Currently Not Collectible” status means
✅ How the IRS Statute of Limitations on Collection affects your options
✅ How penalty abatement can reduce what you owe
✅ Why many taxpayers choose a payment plan simply for peace of mind and relief from aggressive IRS collection actions
Understanding your tax relief options can make all the difference. Whether you need a full payoff plan, a reduced settlement, or can’t pay anything right now, the IRS has programs—and knowing how they work can save you money, time, and stress.
📞 Need help with your IRS situation?
Torchlight Tax offers free consultations. Our experienced tax resolution team can help you understand your options and choose the best path forward.
📧 info@torchlighttax.com
📞 877-758-7797
🌐 Visit us online: Torchlight Tax website & YouTube channel for more tax-help videos.
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