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
Most common tax problem area: IRS bill for unpaid taxes
Other tax problem areas: IRS penalties
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.
Your options to address IRS Notice CP523
- Make arrangements to pay.
- File a return.
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?
See your local tax pro for a free consultation.
Learn more about IRS Letter 5044 and how to handle an inquiry of your business' income with help from the tax experts at H&R Block.
Learn more about letter 1058, why you received it, and how to handle an IRS bill for unpaid tax with help from the tax experts at H&R Block.
Learn about the IRS payment option called a guaranteed installment agreement. Read the IRS definition and get more insight from H&R Block.
Learn more about IRS Letter 5040 and how to handle an inquiry of your business' income with help from the tax experts at H&R Block.