How to Amend an Existing IRS Installment Agreement
If your financial situation changes, you may be able to amend your existing IRS installment agreement to better fit your needs. Victory Tax Lawyers offers free consultations and works nationwide to help taxpayers renegotiate terms and stay in compliance with the IRS.
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How to Amend an Existing IRS Installment Agreement:
- Review Your Agreement: Start by carefully reviewing your current IRS Installment Agreement. Understand the terms, payment schedule, and the total amount you owe.
- Identify the Need for Amendment: Determine why you need to amend the agreement. Common reasons include changes in your financial situation, a need for lower monthly payments, or an extension of the agreement’s duration.
- Contact the IRS: Reach out to the IRS to discuss your desire to amend the agreement. You can contact them by phone or mail, or you may be able to use the Online Payment Agreement tool if your changes meet certain criteria.
- Provide Updated Financial Information: Be prepared to provide updated financial information, such as income, expenses, and any changes in your financial circumstances. The IRS will use this information to assess your ability to make payments.
- Propose Changes: Clearly state the changes you wish to make to your installment agreement. This might include adjusting the monthly payment amount, extending the agreement’s duration, or requesting a temporary suspension of payments due to financial hardship.
- Wait for IRS Review: The IRS will review your request and financial information. This may take some time, so be patient. They will either approve, modify, or deny your request.
- Receive IRS Response: You will receive a notice from the IRS outlining their decision regarding your amendment request. If approved, the notice will detail the changes to your agreement.
- Adhere to New Terms: If your amendment request is approved, be sure to adhere to the new terms of the agreement promptly. Continue making payments as required and stay in compliance with all tax obligations.
- Regularly Review Your Agreement: Periodically review your installment agreement to ensure it continues to meet your financial needs. If your circumstances change again, you can consider further amendments in the future.
Remember that the process for amending an IRS Installment Agreement may vary based on your specific situation and the type of amendment you’re requesting. It’s often advisable to consult with a tax professional or seek guidance from the IRS directly to navigate this process effectively.
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