An installment agreement is a payment plan with the IRS. Except with PPIAs, you’ll usually pay the full amount due with an installment agreement. But, it may be possible to pay less than the full amount due with an installment agreement if it’s combined with one of our other tools like penalty abatement.
If your tax liability is below a certain threshold, you can get an installment agreement without providing financial information and waiting for IRS approval. If your tax liability is higher, you will have to provide financial information and get IRS approval. Still, the financial information required for a large installment agreement is much less than it is for an OIC.