IRS provides a payment plan option wherein if you're financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement. As long as you pay your tax debt in full under the payment plan, you can reduce or eliminate your payment of penalties or interest, and avoid the fee associated with setting up the agreement. Before applying for any payment agreement, you must file all required tax returns.
Setting up a monthly payment plan with the IRS is fairly easy. You can fill out the form manually and mail it to IRS. You will need a copy of your tax return, a fair idea of how much you can afford to pay each month, your bank account details if you are setting up an automatic withdrawal. Then go on the IRS website and fill up the online payment agreement application.
It consists of 3 steps which are
1. Determining your eligibility, you are not eligible only if you owe more than $50k under individual filing and $25k under business filing,
2. Gather your information such as your SSN, date of birth and
3. Submit your application.