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In this video, Jim Flouse, an enrolled agent and tax coach, explains how to create a payment agreement with the IRS and structure an affordable tax payment plan. He emphasizes the importance of having a manageable plan for 3 to 5 years. The type of payment plan available depends on the amount owed and the desired repayment period, which is determined by the IRS. For those owing $10,000 or less, setting up a payment agreement is straightforward; it can be done online for repayment over three years, and approval is generally automatic. Jim aims to help taxpayers understand their options for resolving IRS debts effectively.