You're letting the IRS know that you're on top of the situation and you're trying to fix it. The IRS will usually let you set up a monthly payment plan, also called an installment irs tax payment couponif you're going irs tax payment coupon need a more significant amount of time to pay off your tax debt.
The IRS usually provides a grace period for payment of between 30 to 45 days after sending that letter.
Propose a definite deadline for paying off your balance in full and the IRS will note that date in its records. Detach the payment voucher at the perforation. Line 1. The downside to this is that interest and late charges will continue to accrue until it's paid off. How do I fill out the payment voucher if it is not pre-printed?