Types of IRS payment plans
A short-term payment plan gives you up to 180 days to pay the full balance. A long-term payment plan, also called an installment agreement, lets you pay monthly over a longer period. Many individuals who owe $50,000 or less in combined tax, penalties and interest can apply online.
Interest and the failure-to-pay penalty keep adding up until the balance is paid, so paying more when you can lowers the total cost.
File first, then set up the plan
The IRS generally will not approve a payment plan while required returns are missing. We file what is missing first, then set up the plan.