Have a tax question? Ask a tax Expert
The missing installment payment is not good.
The risk is that the IRS may terminate your installment agreement - and will start garnishment of your income and may levy on your assets and bank account.
You may want to avoid such situation.
You have several options available if your ability to pay has changed and you are unable to make payments on your installment agreement or your offer in compromise agreement with the IRS.
Call the IRS immediately at 1-***-***-****.
Options could include reducing the monthly payment to reflect your current financial condition.
You may be asked to provide proof of changes in your financial situation so have that information available when you call.
Let me know if that is clear.
Do not delay your call to the IRS - call as soon as possible.
Have I answered all your questions?
If so, please remember to accept my response and click the stars above to post a positive rating so I get credit.
If you still need any clarification - be sure to ask