Why are you receiving this letter?
You have entered into an installment agreement on a balance owed to the IRS and have not made payments in accordance with your agreement.
What you should do about this notice?
Make a payment immediately or your installment agreement will default. It may become harder to set up a new installment agreement with the IRS if you default.
What can you expect to happen next?
If you make the payment prior to the deadline listed on the Notice, your installment agreement will stay intact. If you do not make the payment, the installment agreement will be terminated on the date listed on the notice.
After that date, the IRS will pursue collection action that may include, but is not limited to filing Federal Tax Liens, Tax Levies on your wages, bank accounts, state & federal tax refunds, etc.
What if you aren’t able to afford your installment agreement payments?
If you can’t make your installment payments, don’t worry- EVERY case has a solution. You may be able to renegotiate your installment agreement terms based on your current financial situation. The IRS offers a number of other programs such as CNC Status to help resolve your tax issues. Some of these programs, such as Offer in Compromise and penalty abatement, have the potential to decrease the taxes owed.
Don’t face your tax problems alone, tax Resolutions cases, can be extremely complex, and a licensed tax professional, can help you find the most appropriate solution to your tax problem.
Call Alana Tax group, and we will immediately protect you from the IRS and take over all communication.