What Is The Purpose Of This Letter?
You received this letter from the IRS to notify you of the terms and conditions of your installment agreement.
Open the letter to review the contents which will include:
✓ How much they charged you for setting up your agreement (the user fee)
✓ How to apply for a reduced user fee if you meet poverty guidelines (learn more about current poverty guidelines)
✓ How to pay online by credit, by mail, or through a bank account
✓ What will happen if you default on your agreement including property liens (if business liens are filed, click to learn more)
✓ What to do if you move and change addresses (see also change of address form)
✓ The conditions of the agreement:
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Filing all federal returns
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Financial statements must be provided it requested by the IRS in the future
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Paying all federal returns on time
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Payment of the user fees requirement
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Payments are applied to the oldest tax year balance due
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Penalties and interest assessed for paying and filing late
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What can you do now?
Continue reading this blog to learn more about what you can do right now if you received this letter and how to avoid unexpected letters from the IRS and the associated penalties in the future.
What Are Latest Developments Relevant To Me?
The IRS recently updated their Online Payment Plan page1 on April 21st, 2022 where you'll find more information about payments plans.
One of Our Tax Pros Can Help You Right Now.
If you have received a balance due notice or and need help, sign up today to connect with one of our tax professional members who will discuss your tax situation and maximizes the relief that you qualify for. You can also, download our free eBook to learn more about how to setup an installment agreement, and how to avoid this problem and the associated penalties in the future.
Want a heads up if notices may be coming your way? Find a Tax Monitor who can do that for you, visit The Tax Monitor for more information.
Have you received an IRS notice? Read IRS Notices: What Are They & What Do They Mean? and find out what notices the IRS temporarily stopped mailing.
Want one of our tax pro members to setup an installment agreement for you? The installment agreement service generally begins with a detailed report of your tax record and information about the installment agreement immediately after it's been set up for you, so you don't have to wait for the letter or worry that it may be lost in the mail. Learn more.
Want to set up an installment agreement yourself? Get your free PDF guide.
What Does The Notice Look Like?
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