What this notice is about
You elected to defer payment of your IRC Section 965 tax liability.
What you need to do
- Follow the instructions in your notice carefully.
- Make timely annual installment payments as required by IRC Section 965(h).
Answers to common questions
Will I be penalized if I can’t pay the full installment amount by the due date?
Yes. You may be penalized for failure to pay and the full amount of your net tax liability may become due immediately.
Can I elect that an overpayment of my installment be credited to a subsequent tax year or refunded to me if there is an outstanding balance on my IRC Section 965 tax liability?
No. The payment or credit over the installment amount due will be applied to the remaining tax liability until it is paid in full.
What should I do if I disagree with the notice?
Call the toll-free number listed on your notice to review your account with a representative. Be sure to have your account information available when you call.