Example of an installment plan

If you are an individual, you may qualify to apply online if:. If you are a sole proprietor or independent contractor, apply for a payment plan as an individual. In order to use this application, your browser must be configured to accept session cookies. Please ensure that support for session cookies is enabled in your browser, then hit the back button to access the application.

The session cookies used by this application should not be confused with persistent cookies. Session cookies exist only temporarily in the memory of the web browser and are destroyed as soon as the web browser is closed.

The applications running depend on this type of cookie to function properly. The session cookies used on this site are not used to associate users of the IRS site with an actual person. You can view details of your current payment plan type of agreement, due dates, and amount you need to pay by logging into the Online Payment Agreement tool. You can use the Online Payment Agreement tool to make the following changes:. You can make any desired changes by first logging into the Online Payment Agreement tool.

On the first page, you can revise your current plan type, payment date, and amount. Then submit your changes. If your new monthly payment amount does not meet the requirements, you will be prompted to revise the payment amount. To convert your current agreement to a Direct Debit agreement, or to make changes to the account associated with your existing Direct Debit agreement, enter your bank routing and account number.

If your plan has lapsed through default and is being reinstated, you may incur a reinstatement fee. If you are ineligible for a payment plan through the Online Payment Agreement tool, you may still be able to pay in installments. If you are unable to revise an existing installment agreement online, call us at individual or business.

If you have received a notice of default and cannot make changes online, or you received an urgent notice about a balance due, follow instructions listed on the letter and contact us right away. In order to avoid default of your payment plan, make sure you understand and manage your account. There may be a reinstatement fee if your plan goes into default.

Penalties and interest continue to accrue until your balance is paid in full. If you received a notice of intent to terminate your installment agreement, contact us immediately. We will generally not take enforced collection actions :.

More In Pay. It could be because these products are much too expensive to pay the full amount in one go. Hence, these people opt to pay for them through the form of installments instead. An installment is a sum of money due as one of several equal payments for a purchased item, spread over an agreed period of time.

There are some companies that allow their customers to pay through this method, and then there are some businesses that need to come to some form of negotiation before they accept the installment payment method. These example sentences are selected automatically from various online news sources to reflect current usage of the word 'installment plan. Send us feedback. See more words from the same year. Accessed 14 Jan. More Definitions for installment plan.

See the full definition for installment plan in the English Language Learners Dictionary. Thesaurus: All synonyms and antonyms for installment plan. Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!

Log in Sign Up. Save Word. Definition of installment plan. Examples of installment plan in a Sentence We used an installment plan to buy the furniture. We bought it on the installment plan.