IRS Notice CP523 – Intent to Levy & Intent to Terminate Your Installment Agreement
Your current installment agreement will be terminated if the past-due balance is not paid or other payment arrangements made, within 30 days of the date on the notice.
Type of notice: Unpaid balance
Likely next step: Address an unpaid tax bill
Why you received IRS Notice CP523
- You are in an installment agreement with the IRS to pay a tax balance.
- You defaulted on your installment agreement for one or more of these reasons:
- One or more payments were missed.
- You incurred a new unpaid balance.
- You didn’t file a tax return by the due date.
- The IRS intends to terminate your installment agreement and to levy your assets if they fail to hear from you within 30 days.
Notice deadline: 30 days
If you miss the deadline: If you don’t contact the IRS by the deadline on the notice, the IRS will terminate your installment agreement and proceed with enforced collection action, such as filing a lien or issuing a levy on your wages and/or bank accounts. Penalties and interest will accrue.
Want more help?
Your tax professional can deal with the IRS for you. Learn more about H&R Block’s Tax Audit & Notice Services. Or make an appointment for a free consultation with a local tax professional by calling 855-536-6504 or finding a local tax pro.
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