Page:United States Statutes at Large Volume 102 Part 4.djvu/766

 102 STAT. 3736

PUBLIC LAW 100-647—NOV. 10, 1988

any tax in installment payments if the Secretary determines that such agreement will facilitate collection of such liahility. "(b) EXTENT TO WHICH AGREEMENTS REMAIN IN EFFECT.—

"(1) IN GENERAL.—Except as otherwise provided in this subsection, any agreement entered into by the Secretary under subsection (a) shall remain in efiTect for the term of the agreement. "(2) INADEQUATE INFORMATION OR JEOPARDY.—The Secretary may terminate any agreement entered into by the Secretary under subsection (a) if— "(A) information which the taxpayer provided to the Secretary prior to the date such agreement was entered into was inaccurate or incomplete, or "(B) the Secretary believes that collection of any tax to which an agreement under this section relates is in jeopardy. "(3) SUBSEQUENT CHANGE IN FINANCIAL CONDITIONS.—

"(A) IN GENERAL.—If the Secretary makes a determination that the financial condition of a taxpayer with whom the Secretary has entered into an agreement under subsection (a) has significantly changed, the Secretary may alter, modify, or terminate such agreement. "(B) NOTICE.—Action may be taken by the Secretary under subparagraph (A) only if— "(i) notice of such determination is provided to the taxpayer no later than 30 days prior to the date of such action, and "(ii) such notice includes the reasons why the Secretary believes a significant change in the financial conation of the taxpayer has occurred. "(4) FAILURE TO PAT AN INSTALLMENT OR ANY OTHER TAX LIABILITY WHEN DUB OR TO PROVIDE REQUESTED FINANCIAL

INFORMATION.—The Secretary may alter, modify, or terminate an agreement entered into by the Secretary under subsection (a) in the case of the failure of the taxpayer— "(A) to pay any installment at the time such installment payment is due under such agreement, "(B) to pay any other tax liability at the time such liability is due, or "(CO to provide a financial condition update as requested by the SeCTetary." (b) CONFORMING AMENDMENTS.—

(1) Paragraph (1) of section 66010)) of the 1986 Code (relating to last day prescribed for payment) is amended by inserting "or any installment agreement entered into under section 6159" after "time for payment". (2) The table of sections for subchapter A of chapter 62 of the 1986 Code is amended by adding at the end thereof the following new item: 26 USC 6159 note.

"Sec. 6159. Agreements for payment of tax liability in installments." (c) EFFECTIVE DATE.—The amendments made by this section shall

apply to agreements entered into after the date of the enactment of this Act.

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