For businesses, the IRS goes through a series of notices in their collections system, from Cold (barely on the radar) to Smoldering Hot (requires immediate attention). Check out the links to learn more:
- CP501B – Still pretty cool (Getting warmer).
- CP503B – Getting warmer still
- CP504B – Getting uncomfortable
- Letter 1058/Letter 11 – (Final Levy Notice)—Smoldering hot—act now or lose your due process rights (your right to a hearing and a stop of collection)
- CP92 or CP 242- IRS Seized Your State Tax Refund to Your Unpaid Federal Liabilities– (Smoldering hot, you just lost some money)
- CP71 – 10 Day Final Notice of Intent to Levy. You have already received a Final Notice more than 6 months ago. Act now!
The notice is CP 504B, Notice of Intent to Seize (Levy) Your Property or Right to Property. Generally, the IRS sends this notice after sending you a CP 503B. It is the third notice in the IRS’ collection series.
What can I expect because of this notice?
If you are waiting for a tax refund from your state, this notice will indicate that you may not be get the refund. The IRS will notify the state to forward your state tax refund to the IRS. It also states that the IRS may “levy your property or rights to property and apply it to the balance you owe.
What can I expect next after this notice?
From here on out your notices will come certified because each will require you to take action to prevent the IRS from taking collection actions. outgoing forward, you should take all notices extremely seriously. In about 30 days, you will receive either Letter 1058, Final Notice of Intent to Levy and Notice of Your Rights to a Hearing or Letter 11, Intent to Seize Your Property or Rights to Property.
What are my options?
What is Your Next Step?
The next step is to determine if the notice was sent in error. Do you have an outstanding tax liability? Do you have unfiled or incomplete returns?
Is There a Time Limit?
Yes! Each letter or notice from the IRS or State will indicate a date that you MUST contact them by. If you need more time, call the number on the notice or letter, and request an extension. DO NOT ALLOW the time to expire without contacting them or hiring a representative to contact them for you.
What You Don’t Want to Do!
What you don’t want to do is nothing. Your tax problems will only get worse if you ignore them. If you cannot pay, there are a number of potential solutions available to those who are otherwise in compliance. In compliance means having all tax returns filed and any balances paid or on a payment plan. If you have outstanding debts or unfiled returns, you need to get hire a Certified Tax Resolution Specialist.
Get Some Help
If you don’t know how to address the issue(s), have unfiled returns/unpaid balances or just done feel confident, let the experts at Legacy Tax & Resolution Services represent you. Work with our team of Certified Tax Resolution Specialists to resolve your issue(s) quickly. Best of all, you don’t have to talk to the IRS or State; we can speak on your behalf.
Stop the stress and resolve your problems Call 800-829-7483 TODAY
Download our Special Report “ Final Notice Of Intent To Levy- What Happens Next?”
In it you will find next steps, dos and don’ts and information about your options
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