NAC360.462. Termination, alteration or modification of agreement.

     1. The Department may terminate an agreement entered into pursuant to NAC 360.450 or 360.456 if the Department determines:

     (a) The taxpayer has not complied with the terms of the agreement;

     (b) The taxpayer provided to the Department incomplete or inaccurate information on which the Department based its determination to enter the agreement; or

     (c) The financial conditions of the taxpayer have changed such that the taxpayer has the ability to pay the full amount of taxes, interest and penalties owed.

     2. If the Department determines to terminate an agreement pursuant to paragraph (b) or (c) of subsection 1, the Department shall provide the taxpayer with written notice of its intention to terminate the agreement at least 10 days before the date on which the Department intends to terminate the agreement. The notice must contain an explanation of the decision of the Department to terminate the agreement.

     3. The Department may terminate, alter or modify an agreement entered into pursuant to NAC 360.450 if mutual consent to terminate, alter or modify the agreement exists between the Department and the taxpayer.

     4. If an agreement is terminated pursuant to this section, the total amount covered by the agreement, including, without limitation, taxes, interest and penalties, is due on the date on which the agreement terminates.

     (Added to NAC by Tax Comm’n by R046-01, eff. 11-1-2001; A by R202-08, 10-15-2010)