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It can take the IRS up to three months to process your installment agreement and begin automatically debiting your account.
In the mean time, penalties and interest will be assessed on the unpaid balance. While you do not have to mail in your first installment, it is a good idea to do so to decrease the amount of penalties and interest assessed on the open balance as of April 18.
While you are not required to do so, you are able to begin sending payments before you receive the letter. If you do so, make sure that your check has your social security number and the tax year to which the payments should be applied. It would also be a good idea to include a short note indicating that you are making a payment toward your 2016 (or applicable year's) balance.
Note: You should pay as much of the outstanding balance as you are able to (even if it is not the full amount) before April 18, 2017, to reduce the amount of interest and penalties that will be applied to your account.
It can take the IRS up to three months to process your installment agreement and begin automatically debiting your account.
In the mean time, penalties and interest will be assessed on the unpaid balance. While you do not have to mail in your first installment, it is a good idea to do so to decrease the amount of penalties and interest assessed on the open balance as of April 18.
While you are not required to do so, you are able to begin sending payments before you receive the letter. If you do so, make sure that your check has your social security number and the tax year to which the payments should be applied. It would also be a good idea to include a short note indicating that you are making a payment toward your 2016 (or applicable year's) balance.
Note: You should pay as much of the outstanding balance as you are able to (even if it is not the full amount) before April 18, 2017, to reduce the amount of interest and penalties that will be applied to your account.
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