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I have an established installment agreement but have lost my…

I have an established...

I have an established installment agreement but have lost my job...how do i cancel the agreement or get it on "hold" until im working again? thank you, albert

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

That is all the details, what other info needed?

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Answered in 4 minutes by:
11/28/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. You have several option available. The first thing to do is to contact the IRS and explain that there was a change in your financial situation. Here is the IRS number. 1-***-***-****. One option is to lower your monthly payment. https://www.irs.gov/newsroom/what-if-i-cant-pay-my-installment-agreement

There is also currently not collectible. Give me a few moments and I will get some additional information.

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You can also contact the IRS and request a 30 day break from the agreement. If you need relief greater than this the IRS may required the you send them information.

To obtain currently not collectible status, a financial statement must be provided to the IRS listing your household income and monthly living expenses. If the IRS agrees that – after paying expenses like rent, a car payment or medical expenses – you have no money left to pay them, they will mark your account as uncollectible.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
Verified
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