This IRS notice is one page in total and is sent to remind the taxpayer that a payment is due on their installment agreement. The penalties and interest will accrue and are calculated to the due date of the notice. The interest will continue to build until the balance is paid in full.
A two-digit code is assigned to the notice in the format of “aa”, “bb”, “cc”, “dd”, “ee”, “ff”, etc. and each code represents a penalty. There will be a maximum of eight codes only shown on the account. Once you have figured out which codes are on your notice, you can begin to understand what they stand for.