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IRS Notice CP504- Third And Final Reminder Of Past Due Taxes

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IRS Notice CP504- Third And Final Reminder Of Past Due Taxes

IRS Notice CP 504 Third and Final Reminder Of Past Due Taxes

The CP 504 is a final notice of a balance that is due on your account. This is the third in a series of notices (CP501, CP503, CP504) each become more threatening in its language.    Next is the Letter 1058- Final Notice of Intent To Levy  This notice will indicate that a levy will be issued against any state tax refunds.  At this point the IRS will be search for other assets and income (wages, retirement, social security, bank accounts, etc.) from which to levy. It is very likely that a lien will also be filed, which will affect your credit.

What Is Your First Step With CP 504 IRS Letter?

Your first step is to review prior notices and to determine if the balance due is correct.  Your next step is to determine whether you feel comfortable handling this on your own.  If the outstanding balance is correct, you will want to make arrangement to pay the balance by the due date on the notice. If you fail to pay by the balance due by the due date, you will be accessed additional penalties and interest.

When Should I Get Back To The IRS Regarding this CP 504 Notice?

If you receive a CP 504 notice you do not have any time to waste. This notice means that the IRS is serious about collecting the money that you owe. It would be in your best interest to pay or setup an installment agreement as soon as possible.

What If I Don’t Pay or Respond to the CP 504 Notice?

You should respond to the CP 504 notice immediately.  Failure to do so will result in the levy and/or lien process. Be on the lookout for a IRS Letter 1058- Final Notice of Intent To Levy.  Once you receive this letter, it is likely time to seek representation.  The IRS Letter 1058 means they are planning soon to take some money from you in the form of a wage garnishment and/or bank levy.

Who Should I Discuss CP 504 Letter With?

Any questions regarding a CP 504 can be resolved by calling the number listed on the notice. You can also call us and speak to one of our Certified Tax Resolution Specialists.

If I Am Unable or Not Capable of Paying IRS Taxes What Should I Do?

If you cannot pay your balance you may be able to apply for an installment agreement or  other settlement options.  If you are able, you will want to pay quickly before a Lien is file.  The lien provides  IRS a legally claim against all your assets.

What If I Feel the IRS is Wrong In Sending The 504 Notice?

If you do not agree with the notice you will want to prepare a response listing the items of disagreement and provide supporting documentation to support your case.  Whether you decide to handle this on your own or seek representation will depend on the complexity of the case.

IRS Letter 1058, LT 11- Final Notice Of Intent To Levy

IRS Notice CP503- Second Reminder of Past Due Taxes

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