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The CP 521 notice is about one page long and it will state that a certain amount of money is still unpaid by you. This is the amount that is due on your installment agreement. Interest and penalties always accrue on the outstanding amount until the balance is paid in full.
You will find a two-digit code on the CP 521 notice and the code is generally in the aa, cc, ee, etc, format. There are various kinds of code that may be included in the notice and each of the code represents a penalty. When you find out more information about the codes, you will be able to get a fair idea about what the codes on your CP 521 notice stands for.
Sometimes, the IRS may also enclose Notice 746 along with the CP 521 notice. This is the notice that will mention the interest and penalty rates that will be applied to the amount of taxes that are underpaid.
The IRS has sent you the CP 521 notice because they want to remind you that you have a payment that is due. You will also find a date before which you will have to make the payment.
If you do not make your payment before the due date, and you default your installment agreement, you will have to reestablish the installment agreement. If that is not done timely, collection action may take place. Your bank account, wages, etc. may be levied.
It is critical that all periods that have outstanding balances be included in your payment agreement. This is what stops collection action from happening. There are a lot of amateur representatives that may cause you to unknowingly do something, or not do something that causes a levy. The levy may hurt your credit, business, or personal relationships. It is worth paying a consultation fee to an experienced knowledgeable representative, to make sure you are in a binding agreement and that you haven’t overlooked the best way to resolve your IRS issues. We hope that you consider us as that experienced knowledgeable representative.
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Here are some useful tax offices you may want to contact: