What is CP523 Notice: Intent to Terminate Your Installment Agreement?
Content provided for general information. Talk to your advisor to learn about recent updates or other rules that may apply to your situation.
A CP523 notice means that the IRS intends to terminate your installment agreement and levy your assets. You may have missed payments or failed to comply with other terms of the agreement.
Why does the IRS send a CP523 Notice?
You may have failed to make timely payments as required by your installment agreements. Or, you may have failed to file other tax returns or pay other taxes on time. Any one of these actions is a default on your installment agreement.
How should you respond to a CP523 Notice?
You have three options to respond to a CP523 notice to prevent the IRS from levying your assets: