IRS Administrative Reform and Taxpayer Protection Act of 1987

[AI summary unavailable — showing source text] IRS Administrative Reform and Taxpayer Protection Act of 1987 - Amends the Internal Revenue Code (IRC) to authorize the Secretary of the Treasury (Secretary) to enter into binding agreements with taxpayers under which tax liability may be paid in installments when the Secretary determines that such an agreement will facilitate the collection of the liability. Permits such an agreement with any individual: (1) whose tax liability is $20,000 or less; and (2) who has not been delinquent in installment tax payments under similar agreements during a specified period. Permits the Secretary, after proper notice and a hearing, to modify or annul such an agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Makes the entire amount of unpaid tax due and payable upon the Secretary's notice and demand when an installment is not timely paid. Specifies information that must be incorporated in a notice of lien for taxes, including possible alternative actions to prevent a lien and the appropriate appeals procedures. Requires that such notice be preceded by the Secretary's written offer to enter into an agreement with the taxpayer, if qualified…