What This Notice Means
The IRS is reviewing your installment agreement and needs updated financial information. You agreed to this kind of periodic review when the IRS gave you a payment amount below the minimum it usually requires. The review lets the IRS set the correct monthly payment.
Your payment could go down, go up, or stay the same depending on what you report.
What to Do
- Download and complete Form 433-A, Collection Information Statement for Wage Earners and Self-Employed Individuals, with your current income and expenses.
- Complete any supplementary items that Form 433-A refers to.
- Call the number on your notice by the date on your notice to go over the information.
Do not mail Form 433-A. The IRS says it won't receive a mailed form in time to stop the termination. This review happens by phone.
What Happens If You Don't Call
The IRS will terminate your installment agreement and may bill you for the entire balance. If the IRS sets up a new agreement after a termination, you may owe another user fee.
Losing an agreement puts you back into regular collection on the full balance. Don't let a missed phone call cause that.
Prepare Before You Call
The numbers on Form 433-A drive your new payment. Gather recent pay stubs, bank statements, and records of your monthly expenses so every figure is accurate and supported. Don't guess. Don't leave things out.
Consider Your Options
Your situation may have changed since you signed up. There may be other ways to pay your liability now that weren't available to you then. And the sooner you pay in full, the less you pay in penalties and interest.
If you received a CP522P and want help with your financial statement before the call, call us at (813) 229-7100.