What to do When the IRS Modifies or Terminates Your Installment Agreement?

Did you receive a letter saying that the IRS terminated your installment agreement or did you default on your installment agreement?  If so, here is what you need to know:

1.    An installment agreement remains in effect for the time specified in the agreement.

2.   The IRS can terminate the agreement if you provided inaccurate information prior to the time the agreement was entered into or if collection of the tax is in jeopardy. 

3.   The IRS can also terminate the installment agreement if your financial condition has significantly changed. 

4.  The IRS can modify the installment agreement if you request that it be changed due to your financial condition changing significantly or if the IRS makes this determination on its own.

5.    The IRS generally has to give you notice of it’s intend to modify or terminate your installment agreement at least 30 days prior to taking action. 

6.    The IRS’s notice has to explain why it is modifying or terminating your installment agreement. 

7.    You have the right to appeal the IRS’s decision.

If the IRS has proposed to modify or terminate your installment agreement, you have to act quickly to protect your rights.  We want to talk to you.  You can find us at www.irstaxtrouble.com or call us at 713-909-4906.