Educational Tax Tip: Managing Late Payments on an IRS Installment Plan

Is there a grace period if you can’t make your IRS installment payment on the due date? Yes, the IRS allows a 30-day grace period to make your missed payment without canceling your agreement. However, this does not push back your next payment, and if the missed amount is not paid within the grace period, the IRS can terminate your plan. Reinstating a canceled agreement is not guaranteed and could result in severe financial consequences. To avoid issues, make payments on time and, if possible, pay more than the minimum to reduce fees and penalties.

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