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The IRS provides eligible taxpayers with short and long-term payment arrangements, commonly known as Installment Agreements. Short-term plans require full payment within 180 days, whereas long-term plans offer a repayment period of up to 84 months, contingent on the amount of tax debt owed.

 A Partial Payment Installment Agreement (PPIA) is a monthly payment plan designed for taxpayers facing a tax balance that cannot be fully paid before its expiration date, usually 10 years from the tax assessment. With a PPIA, individuals can make manageable monthly payments until the collection statute lapses, at which point any outstanding balance is no longer pursued for collection. This arrangement helps prevent additional IRS collection measures, such as levies and seizures.

An Offer in Compromise enables you to resolve you tax debt by paying less than the total amount owed. This option is suitable for individuals facing difficulties in covering their entire tax liability or experiencing financial hardships. The IRS typically approves an offer in compromise when the proposed amount reflects the maximum the federal government can reasonably expect to collect over a specific period of time.

The "Currently Not Collectible" status enables you to declare financial hardship and temporarily suspend your responsibilities to settle your tax debt. While your account holds this status, the IRS is barred from taking any collection actions against you. This includes a cessation of levies, such as bank account levies and tax refund offsets. 

Penalty abatement is a process that allows taxpayers to request relief from certain penalties associated with their tax obligations. While it doesn't eliminate the underlying tax debt, it provides relief from additional financial burdens.