A CP521 notice is sent by the IRS if you have missed a payment on your installment agreement.
The notice will include the following information:
- Your remaining balance
- Your accruing interest amount
- The date your total payment is due
- Any penalties or cancellation terms for the agreement
If you received this notice, don’t wait to respond. If you don’t send a payment after receiving a CP521, your installment agreement could be cancelled, which will increase your penalties and require you to pay the total amount in full immediately.
If you are sent a CP521, it is best to send a payment as quickly as possible. Get in touch with a qualified tax professional to get the best advice for your situation.