If you owe money to the IRS and have entered into an installment agreement, you may find that you need to change the bank account that you use to make your payments. It`s important to follow the proper procedures when making this change to avoid any negative consequences, such as missed or late payments, which can result in penalties and interest charges.
First, you`ll want to gather the necessary information. You`ll need to know the name and address of your new bank, as well as the routing number and your new account number. You`ll also need to have your current installment agreement information on hand, including your taxpayer identification number, the amount of monthly payments, and the due date of the next payment.
Next, you`ll need to notify the IRS of the change. You can do this by completing Form 9465, Installment Agreement Request, which you can find on the IRS website. On this form, you`ll need to provide your new banking information and indicate that you are requesting a change in your payment method.
Once you`ve completed the form, you can mail it to the IRS at the address listed on the form. You can also fax the form to the IRS at the number provided on the form. Be sure to keep a copy of the form for your records.
It`s important to note that it can take some time for the IRS to process your request, so you should continue to make your payments using your current payment method until you receive confirmation from the IRS that your new banking information has been updated.
If you have any questions about changing your bank account information for your IRS installment agreement, you can contact the IRS directly at the number provided on their website. They can provide you with more information about the process and ensure that you are following the correct procedures to avoid any negative consequences.