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Can corporation taxes be paid in installments?

Can corporation taxes be paid in installments?

Yes, in some cases, corporations may be able to pay their taxes in installments rather than paying the full amount owed at once. This can be a helpful option for corporations that are unable to pay their taxes in full when they are due.

In the United States, corporations can request an installment agreement with the Internal Revenue Service (IRS) to pay their taxes in installments. To request an installment agreement, the corporation must file Form 9465, Installment Agreement Request, with the IRS. The IRS will review the request and determine whether to approve the installment agreement based on the corporation’s ability to pay and other factors.

If the IRS approves the installment agreement, the corporation will be required to pay a fee and make regular installment payments until the taxes are paid in full. It’s important to note that the IRS may charge interest on the unpaid balance of the taxes and may also charge penalties if the corporation fails to make timely payments under the installment agreement.

In other countries, the rules for paying corporate taxes in installments may vary. Corporations should consult with their local tax authorities for more information about their options for paying taxes in installments.

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