installment agreement termination
Ignoring the termination of your installment agreement can lead to serious consequences. If you don't act quickly to either reinstate the agreement or work out a new plan, the IRS may take aggressive actions to recover the tax debt. This could include levying bank accounts, garnishing wages, or seizing property. Additionally, the IRS will likely assess penalties and interest on the remaining balance of your tax debt, further increasing the amount you owe.
Don’t Wait—Contact Us Today
If your Installment Agreement has been terminated or you're at risk of losing it, time is critical. Our experienced team can help you understand your options, negotiate with the IRS, and work to reinstate your agreement or secure a new resolution. Don’t face the IRS alone—reach out today for a free consultation and protect yourself from further penalties, interest, and aggressive collection actions. Additionally, to keep on track with all of your alerts, join our Monitoring Program where we do the looking out on your behalf!
What to do if your installment agreement is terminated
An Installment Agreement Termination occurs when the IRS cancels your payment plan due to noncompliance. This means you are no longer in an active agreement, and the full remaining balance of your tax debt is due immediately.
Once the Installment Agreement is terminated, the entire balance of your tax debt becomes due immediately.
The termination of an installment agreement puts you in a much more precarious situation, as the IRS can pursue aggressive collection tactics to recover the debt.