Wednesday, March 11, 2009

IRS Certified Mail - CP 504

Have you received certified mail from the IRS and are wondering what it’s for? The chances are very good they are sending you an IRS Notice CP 504 stating the following:

We intend to levy on certain assets. Please respond NOW.
Our records indicate that you haven't paid the amount you owe. The law requires that you pay your tax at the time you file your return. This is your notice, as required by Internal Revenue Code Section 6331(d), of our intent to levy (take) any state tax refunds that you may be entitled to if we don't receive your payment in full. In addition, we will begin to search for other assets we may levy. We can also file a Notice of Federal Tax Lien, if we haven't already done so. To prevent collection action, please pay the current balance now. If you've already paid, can't pay, or have arranged for an installment agreement, it is important that you call us immediately at the telephone number show below.

Taxpayers want to know the answers to the following questions once they receive a CP 504:
What is the notice telling me?
What do I have to do?
How much time do I have?
What happens if I don’t pay?
Who should I contact?
What if I don’t agree or have already taken corrective action?
Click here to find answers to these questions.

The most important thing for the taxpayer to do at this point is to take action to address this concern immediately! A notification from the IRS stating their intention to “take” your financial assets is a serious concern! Tax payers should speak with a tax professional who specializes in CP 504 matters. A professional tax resolution specialist should be able to explain the three methods of resolving a CP 504 issue and which plan of resolution the taxpayer would best qualify for.

1 comment:

Joe Mastriano, CPA said...

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