If you have an IRS installment agreement and wish to change your bank account details, you must update the information with the IRS. This article will guide you through the process of changing your bank account with the IRS installment agreement.
Step 1: Gather Your Account Information
Before you begin the process of changing your bank account with the IRS installment agreement, make sure you have all the necessary information about your new account. This includes:
– Bank name and address
– Account number
– Routing number
Step 2: Contact the IRS
To update your bank account information with the IRS installment agreement, you can contact them via phone, mail, or online.
By Phone: Call the IRS toll-free at 1-800-829-1040. Follow the prompts to get to the “Installment Agreement” section. When you speak with an agent, provide the representative with your updated bank information.
By Mail: Write a letter to the IRS stating your request to change bank account information for your installment agreement. Include your name, address, Social Security number, and the tax year(s) for which you have an installment agreement. Also, provide the new bank account details and sign the letter. Mail the letter to: Internal Revenue Service, Philadelphia PA 19255-0315.
Online: Go to the IRS website and log in to your account. Click on “Payments” and then “Payment Plan (Installment Agreement).” Once you are on your installment agreement page, select “Modify Installment Agreement.” Follow the prompts to change your bank account details.
Step 3: Wait for Confirmation
After you have provided your updated bank account information, wait for confirmation from the IRS that the changes have been made. You will receive a confirmation letter from the IRS indicating that your request has been processed.
It is crucial to ensure that you have updated your bank account information with the IRS to avoid late payments or defaulting on your installment agreement. Keep in mind that it may take up to 30 days for the IRS to process your request, so make sure to plan accordingly.
In conclusion, updating your bank account information with the IRS installment agreement is a simple process. Whether you choose to do it over the phone, by mail or online, make sure to have all the necessary information ready to ensure a smooth process. By keeping your bank account information up to date, you will avoid late payment fees and ensure that you can continue to make payments on your installment agreement.