Section 5886 - Payment and collection of deficiencies and assessments; jeopardy notices(a) Upon notification to a taxpayer of any deficiency, and upon assessment against the taxpayer of any penalty or interest, under sections 3202 and 3203 of this title, the amount of the assessment shall be payable immediately and the amount of the deficiency and assessment shall be collectible by the Commissioner 60 days after the date of the notification or assessment. The collection by the Commissioner of the deficiency, penalty, or interest shall be stayed: (1) if the taxpayer files a petition for determination by the Commissioner in accordance with section 5883 of this title, collection shall be stayed until 30 days after the notification of the taxpayer of the determination;(2) if within 30 days of the notification of determination the taxpayer files a notice of appeal, collection shall be stayed pending judgment of the court upon the appeal; and(3) under such further circumstances and upon such terms as the Commissioner prescribes.(b) Notwithstanding subsection (a) of this section, the Commissioner, if he or she believes the collection from a taxpayer of any deficiency, penalty, or interest to be in jeopardy, may demand, in writing, that the taxpayer pay the deficiency, penalty, or interest forthwith. The demand may be made concurrently with, or after, the notice of deficiency or the assessment of penalty, or interest given to the taxpayer under sections 3202 and 3203 of this title. The amount of deficiency, penalty, or interest shall be collectible by the Commissioner on the date of the demand, unless the taxpayer files with the Commissioner a bond in an amount equal to the deficiency, penalty, or interest sought to be collected as security for such amount as finally may be determined. In the event that it is finally determined that the taxpayer was not liable for the amount of the deficiency, penalty, or interest referred to in any demand under this subsection, the Commissioner shall reimburse the taxpayer promptly upon such determination for the reasonable cost to the taxpayer of any bond obtained by him or her for the purposes of this subsection.Amended by 2022 , No. 105, § 540, eff. 7/1/2022.Added 1966, No. 61 (Sp. Sess.), § 1, eff. 1/1/1966; amended 1971, No. 185 (Adj. Sess.), § 225, eff. 3/29/1972; 1979, No. 105 (Adj. Sess.), § 14; 1995, No. 29, § 23, eff. 4/14/1995; 2017 , No. 74, § 138.