Tax Relief FAQ: You Received a CP-504 Notice From the IRS for Back Taxes You Owe – What Does This Mean?
If you are one of the thousands of Americans who owe back taxes and interest to the IRS, it’s important to take the steps to resolve your IRS problems. The worst thing you can do is ignore letters from the IRS in hopes your troubles will go away. They will not, unless you take the appropriate steps!
If you have back taxes to settle, it’s important to know your best options for dealing with the IRS so you can get the income tax relief you need.
If you owe back taxes to the IRS, you may receive a CP-504 notice. This IRS notice begins with the message “Urgent! We intend to levy Certain Assets.” This threatening tone is meant to compel immediate action on your part, but you need not be frightened into taking immediate steps that could be contrary to your legal interests. The IRS itself admits that it “cannot levy with just this notice.” To levy assets, the IRS must first issue a Notice of Intent to Levy – it will seek to issue a levy against your state tax refund. It may also search for other assets on which to issue a levy, and may file a Federal Tax Lien.
Keep in mind that the IRS has issued the CP-504 notice because you have not responded to several previous notices for payment of back taxes. The notice may be issued even if you have received “hardship” status, or have already worked out an installment plan, in which case your status needs to be confirmed with the IRS. A separate CP-504 notice may be issued for each tax period in which you owe back taxes. If you do not respond promptly to the CP-504 notice, the formal Notice of Intent to Levy will soon arrive. It’ll be in your best interest to seek tax help before this happens! An expert tax attorney or Certified Tax Resolution Specialist will be able to obtain the necessary relief from the back taxes you owe.
A Certified Tax Resolution Specialist or specialized tax attorney is best positioned to step in, contact the IRS on your behalf, and work toward an installment plan or other agreement that will provide tax relief.
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For more answers to your tax relief questions, check out our Tax Relief FAQs page.
Our company is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 866-IRS-PROBLEMS.
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