§105‑237. Waiver of penalties; installment payments.
(a) Waiver. TheSecretary may, upon making a record of the reasons therefor, reduce or waiveany penalties provided for in this Subchapter.
(b) InstallmentPayments. After a proposed assessment of a tax becomes final, the Secretarymay enter into an agreement with the taxpayer for payment of the tax ininstallments if the Secretary determines that the agreement will facilitatecollection of the tax. The agreement may include a waiver of penalties but maynot include a waiver of liability for tax or interest due. The Secretary maymodify or terminate the agreement if one or more of the following findings ismade:
(1) Information providedby the taxpayer in support of the agreement was inaccurate or incomplete.
(2) Collection of tax towhich the agreement applies is in jeopardy.
(3) The taxpayer'sfinancial condition has changed.
(4) The taxpayer hasfailed to pay an installment when due or to pay another tax when due.
(5) The taxpayer hasfailed to provide information requested by the Secretary.
The Secretary must give ataxpayer who has entered into an installment agreement at least 30 days'written notice before modifying or terminating the agreement on the groundsthat the taxpayer's financial condition has changed unless the taxpayer failedto disclose or concealed assets or income when the agreement was made or thetaxpayer has acquired assets since the agreement was made that can satisfy allor part of the tax liability. A notice must specify the basis for theSecretary's finding of a change in the taxpayer's financial condition. (1939,c. 158, s. 908; c. 370, s. 1; 1973, c. 476, s. 193; 1993, c. 532, s. 1; 1999‑438,s. 17.)
§105‑237. Waiver of penalties; installment payments.
(a) Waiver. TheSecretary may, upon making a record of the reasons therefor, reduce or waiveany penalties provided for in this Subchapter.
(b) InstallmentPayments. After a proposed assessment of a tax becomes final, the Secretarymay enter into an agreement with the taxpayer for payment of the tax ininstallments if the Secretary determines that the agreement will facilitatecollection of the tax. The agreement may include a waiver of penalties but maynot include a waiver of liability for tax or interest due. The Secretary maymodify or terminate the agreement if one or more of the following findings ismade:
(1) Information providedby the taxpayer in support of the agreement was inaccurate or incomplete.
(2) Collection of tax towhich the agreement applies is in jeopardy.
(3) The taxpayer'sfinancial condition has changed.
(4) The taxpayer hasfailed to pay an installment when due or to pay another tax when due.
(5) The taxpayer hasfailed to provide information requested by the Secretary.
The Secretary must give ataxpayer who has entered into an installment agreement at least 30 days'written notice before modifying or terminating the agreement on the groundsthat the taxpayer's financial condition has changed unless the taxpayer failedto disclose or concealed assets or income when the agreement was made or thetaxpayer has acquired assets since the agreement was made that can satisfy allor part of the tax liability. A notice must specify the basis for theSecretary's finding of a change in the taxpayer's financial condition. (1939,c. 158, s. 908; c. 370, s. 1; 1973, c. 476, s. 193; 1993, c. 532, s. 1; 1999‑438,s. 17.)
§105‑237. Waiver of penalties; installment payments.
(a) Waiver. TheSecretary may, upon making a record of the reasons therefor, reduce or waiveany penalties provided for in this Subchapter.
(b) InstallmentPayments. After a proposed assessment of a tax becomes final, the Secretarymay enter into an agreement with the taxpayer for payment of the tax ininstallments if the Secretary determines that the agreement will facilitatecollection of the tax. The agreement may include a waiver of penalties but maynot include a waiver of liability for tax or interest due. The Secretary maymodify or terminate the agreement if one or more of the following findings ismade:
(1) Information providedby the taxpayer in support of the agreement was inaccurate or incomplete.
(2) Collection of tax towhich the agreement applies is in jeopardy.
(3) The taxpayer'sfinancial condition has changed.
(4) The taxpayer hasfailed to pay an installment when due or to pay another tax when due.
(5) The taxpayer hasfailed to provide information requested by the Secretary.
The Secretary must give ataxpayer who has entered into an installment agreement at least 30 days'written notice before modifying or terminating the agreement on the groundsthat the taxpayer's financial condition has changed unless the taxpayer failedto disclose or concealed assets or income when the agreement was made or thetaxpayer has acquired assets since the agreement was made that can satisfy allor part of the tax liability. A notice must specify the basis for theSecretary's finding of a change in the taxpayer's financial condition. (1939,c. 158, s. 908; c. 370, s. 1; 1973, c. 476, s. 193; 1993, c. 532, s. 1; 1999‑438,s. 17.)
