We have been paying on a big IRS tax debt with an installment agreement for over three years. I just got a CP522 notice from their Memphis office,...

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Customer

We have been paying on a big IRS tax debt with an installment agreement for over three years. I just got a CP522 notice from their Memphis office, along with a Form 433-F. They're directing to me to fill out the form and call them no later than August 2nd. But they specifically say "Don't mail us this firm. You must call for this review." What should I do to make sure the IRS doesn't raise our monthly payment or cancel our agreement?

Last updated
Barbara Blacklidge
Technician

Welcome to Expert Help.  My name is Barbara, I am an IRS Enrolled Agent, and I have over 20 years of tax preparation experience.

 

Form CP522 is simply a notice from the IRS that it's time to review your financial situation.  Call the IRS at the phone number on the notice and go over it with the IRS representative.

Your installement agreement will not be canceled by the IRS if you have been making your payments, and it's unlikely the payment amount will be increased.

 

Please let me know if I can assist you further.

 

Thank you and best regards,

Barb

Last updated
Customer

Good afternoon, Barbara:

Form 433-F asks about my small business loan(s) and our personal credit cards. Should I reduce the credit limits on my cards and close any paid off accounts before I call the IRS about this review? And would we be wise to reduce our business and personal checking accounts prior to that conversation? I am really having a hard time understanding why they don't want me to fill out the form first, send it in, and then have them call me. 

Thanks,

Bert

(Herbert Dean)

Posted

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