My friend owes the IRS about $6,000 for the tax year 2021.
He did some researches and found this link on the IRS webpage about paying tax in installments:
Before he begins to apply for the payment plan on that IRS webpage, he would like to know if anyone in this forum can help him with the following questions:
Does the IRS have payment plans (monthly) for 1 year only ? or does the IRS have payment plans (monthly) for 2 years or even 3 years ?
What is the approximated IRS interest rate if he goes with the payment plan for 1 year only, which means all the debt ($6,000) will be paid off in 12 months ?
What is the approximated IRS interest rate for a payment plan that lasts for 2 years ?