Installment agreement

[arlo]

If you have an installment agreement with the IRS and change banks afterwards, how do you contract the IRS about the change. Thanks

[TAXNJ]

See

If you have an installment agreement with the IRS and change banks afterwards, how do you contract the IRS about the change. Thanks

See if this helps after reading it

http://www.irs.gov/taxtopics/tc202.html

[JohnH]

The taxpayer should call the IRS at the number on the 9465 instructions, and get specific guidance on how to advise them of the new account number. I'm betting it can be done online, but don't know for a fact. They should also keep enough money in the old account to cover the payment until they actually see a debit come through the new account. And probably be financially prepared for two debits to happen in the transition month, as a just-in-case. That will probably be cheaper than having to navigate a payment returned from the old account for insufficient funds.

[ATSMAN]

When you have direct debit from a checking account and you want to switch banks you need to give enough advance notice to the debitor of the switch and it is recommended that you keep the old account active and funded until you are 100% sure all the scheduled payments have switched over.

I learned this the hard way when I switched from Bank of America. My insurance company was billing on a quarterly basis so I did not see the debit on a recent statement and I closed the account thinking all payments have switched to the new account.

With an IRS installment loan agreement, I would call the IRS have them switch and keep the old account active until I see the payments deducted from the new account. Then and only then I would close the old account. Too much risk of messing things up badly.