Yes, owing less than $50,000 actually makes you eligible for streamlined installment agreements, which are easier to qualify for and require less financial documentation. This threshold was specifically designed to help taxpayers with moderate debt amounts get relief faster. If you owe $50,000 or less, you can qualify for payment plans up to 72 months with direct debit from your bank account. The IRS has also relaxed the financial documentation requirements for these agreements, making approval more likely. Even if you owe more than $50,000, you may still qualify by making a partial payment to bring your balance under the threshold. We help determine the best strategy based on your specific debt amount and financial situation.