Pay electronically online or by phone through the IRS Electronic Federal Tax Payment System, or there could be a reinstatement fee if your plan falls into default. A simplified installment plan gives you 72 months (about six years) to pay. To calculate your minimum monthly payment, the IRS divides your balance by the 72-month period. If you don't negotiate another payment plan, this amount is the default minimum.
Generally, the IRS will not require additional financial information to approve this plan. As part of its Fresh Start program, the IRS recently adopted new rules that make it easier to obtain an installment agreement.