Have a Tax Question? Ask a Tax Expert
You must be current on all tax years following the installment agreement.The IRS generally woudl not wait and if you just filed 2014 tax return - you will start receiving collection letters immediately.Normally you are given 30 days to pay your tax liability in full.If you are not able to pay - you may apply to modify your existing installment agreement - the procedure is essentially the same as a new application.
If you do not pay - the risk is that your current installment agreement will be terminated and the IRS will push collection effort further and may levy on your income and assets.
The issue is that as a part of your installment agreement - you agreed to - file all required tax returns on time & pay all taxes in-full and on time So the situiation you described is a violation of your installment agreement - and the IRS may revoke the agreement. It would be harder to have a new agreement that to modify the existing one.To avoid such situation - you might contact the IRS to change your existing agreement if you cannot pay.
Please verify your email for proposed offer.
.I appreciate if take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.