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Have You Defaulted on Your IRS Payment Plan?

Have You Defaulted on Your IRS Payment Plan?


Agreements for installment payments assist many taxpayers in settling their tax debts with the IRS. Entering into an installment agreement will halt other collection efforts by the IRS and can help you manage your debt without fear of levies on your wages or bank accounts or liens on your house. However, once you have a payment arrangement with the IRS, it is important to ensure that you make your payments as agreed. If you fail to do so and you default on your payment plan, the IRS can then take action against you.

You will likely receive a CP523 Notice1 in the mail, informing you of your default and that the IRS will move forward with a levy on your bank account or wages if you do not make a payment. The notice will include the following information:

  • Date of the notice
  • Year and balance of unpaid taxes
  • The interest and penalties charged for failure to pay
  • The total amount due
  • Termination date of the agreement
  • Contact information for the IRS

If you are able to make the payment of the amount due by the termination date, you should go ahead and do so to avoid termination of your plan. If you cannot make the total payment, you can call the IRS and discuss your options for a new installment plan with manageable payments. There will be a fee if you have a new plan reinstated. If you ignore the notice and take no action, your assets will be at risk of seizure by the IRS.

In order to best guarantee success in an IRS installment agreement, it is important to ensure the payment plan is affordable in accordance with your income and expenses. An experienced tax relief lawyer can provide significant assistance in negotiating the right installment agreement for you so that you do not risk default in the future. If at any point you cannot make a payment, an attorney can help you inform the IRS and adjust the plan if needed.

Contact a Nationwide IRS Installment Agreement Attorney for Help Today

At Attorneys Tax Relief LLC, our highly experienced IRS installment agreement lawyers can help you establish a plan, reinstate a plan, or deal with a default on your plan. Please call today to discuss how we can assist you at (800) 261-6671.