Why you received IRS Notice CP89 You have an unpaid tax balance. You set up an installment agreement with the IRS to make monthly payments on your unpaid balance. The IRS sends CP89 annually as a notice of the remaining balance due and statement of payments made over the last year.
What is an annual installment agreement statement?
Sec. 301.6159-1(i) requires the IRS to send every taxpayer on an installment agreement an annual statement that identifies the balance owed at the beginning of the year, the payments made during the year, and the remaining balance at the end of the year.
What is CP89?
Why you received IRS Notice CP89 You set up an installment agreement with the IRS to make monthly payments on your unpaid balance. The IRS sends CP89 annually as a notice of the remaining balance due and statement of payments made over the last year.
Do you have to have an installment agreement with the IRS?
To help people pay off any tax debt, the Internal Revenue Service (IRS) offers various payment arrangements or payment plans that are subject to certain rules. Also, the IRS will charge interest and penalties for late tax payments regardless of your reason for late payments. To request an installment agreement, you must submit Form 9465.
How to obtain a payment plan installment agreement?
If you are an individual and still can’t obtain a payment plan online, you can fill out Form 9465, Installment Agreement Request. Refer to Form 9465 instructions and attach Form 433-F, Collection Information Statement (PDF), if required. Mail your forms to us at the address on your bill or notice.
What are the benefits of a guaranteed installment agreement?
The main benefit of a guaranteed installment agreement is that the IRS will not file a federal tax lien or levy against you for outstanding taxes due. Tax liens, like mortgage liens, give the IRS the right to certain assets if you don’t pay. A tax levy gives the IRS the right to seize certain assets.
How to revise an installment agreement for a business?
If you are unable to revise an existing installment agreement online, call us at 800-829-1040 (individual) or 800-829-4933 (business). If you have received a notice of default and cannot make changes online, follow instructions listed on the letter and contact us right away.
