Did the Internal Revenue Service terminate your IRS payment agreement, call former IRS agents to get immediate help. Since 1982.
It is important when IRS terminates your payment agreement you get help immediately because IRS will send the case out to the field and you do not want that to happen. You need to nip this in the bud.
VERY IMPORTANT NOTE: It is important that you call the service center immediately and let them know that you want your payment agreement reinstated so IRS does not require a new financial statement and one all current documentation to support it.
Many times taxpayers will not get the agreement they want an IRS will require more money on their payment agreement.
If you have any questions or problems call us today. We are former IRS agents with 200 years of direct work experience.
Why did IRS Issues the CP 523H
IRS issues a CP523H notice when we intend to terminate your installment agreement.
Answers to Common Questions on payment agreements
What is the notice telling me?
That we intend to terminate your installment agreement and why we’re taking this action.
What is the shared responsibility payment?
The shared responsibility payment (SRP) amount you owe is the assessed payment for not having minimum essential health coverage for you and, if applicable, your dependents per Internal Revenue Code Section 5000A.
How much time do I have?
You should contact us as soon as possible but no later than 30 days from the date of the notice.
Will I be charged interest on the money I owe?
Yes, interest will continue to accrue if you don’t full pay the amount you owe by the date on the payment coupon.
Will I receive a penalty if I can’t pay the full amount?
No, penalties do not apply to the SRP The law prohibits the IRS from using liens or levies to collect any individual shared responsibility payment.
However, if you owe a shared responsibility payment, the IRS may offset that liability against any tax refund that may be due to you.