If you`re currently on an IRS installment agreement and you`re wondering how to suspend it, then you`ve come to the right place. Suspending your IRS installment agreement can be a complicated process, but with the right knowledge and preparation, you can do it efficiently and effectively. In this article, we`ll walk you through the steps to help you suspend your IRS installment agreement.
Step 1: Understand the consequences of suspending your IRS installment agreement
Before you go ahead with suspending your IRS installment agreement, it`s important to understand the consequences. By suspending your agreement, you may have to renegotiate the terms of your agreement, including the payment amount and schedule. Additionally, the penalties and interest on your debt will continue to accrue during the suspension period, which may increase your overall debt.
Step 2: Determine your eligibility for a suspension
To be eligible for a suspension, you must have a valid reason. The IRS allows suspensions for events such as military duty, medical hardship, and natural disasters. If you are unsure whether you qualify for a suspension, you can contact the IRS for more information.
Step 3: Submit your request
To request a suspension, you must submit an application to the IRS. The application should explain your reason for the suspension and include any supporting documentation. You can submit your request by mail or online.
Step 4: Wait for a response
After submitting your request, you will need to wait for a response from the IRS. The response may take several weeks, so it`s important to be patient. If your request is approved, the IRS will send you a confirmation letter with the new terms of your agreement.
Step 5: Resume payments
Once the suspension period is over, you will need to resume your payments. The IRS will notify you of the new payment amount and schedule. It`s important to keep track of these new terms to avoid any future issues with the IRS.
In conclusion, suspending your IRS installment agreement can be a complex process, but it`s important to understand the consequences before proceeding. If you do qualify for a suspension, be sure to follow the steps outlined above to ensure a smooth transition. And remember, if you have any questions or concerns, don`t hesitate to contact the IRS for guidance.
