How to Set Up a Payment Plan or Offer in Compromise with the IRS

Walks you through the steps and documents required. Part of the Mac Neal LLC Resource Series: practical, plain-English guides for freelancers, side hustlers and small-business owners.

Inside this guide:

• A side-by-side look at your options, from paying in full to settling for less
• Step-by-step instructions for setting up a payment plan online
• What's different for businesses, including payroll tax debts
• Fees, forms and documents, plus how to avoid defaulting on a plan
• An honest explanation of the offer in compromise, and of "currently not collectible" status
• Printables: a household budget worksheet, an OIC document checklist and a payment plan tracker

16-page PDF with checklists and printable worksheets. Updated October 2026 for tax year 2026.

General education, not tax or legal advice. Have a question about your own situation? Book a consultation at www.macnealllc.com.