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In this video, CPA Anthony Fontana explains how to set up an online payment plan with the IRS. He notes that individuals with a tax balance over $50,000 cannot use the online option and must call the IRS for assistance. To start the setup, viewers are advised to search for "IRS account" on Google and log into their online account. If they don’t have an account, they’ll need to create one. After logging in, users should look for and click the “view payment options” button. On the subsequent screen, they can choose to make a payment or modify their existing payment plan.