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)
- 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 501B, First Reminder of Unpaid Taxes. Generally, the IRS sends this notice first after incurring a new debt. It is the first notice in the IRS’ collection series.
What can I expect because of this notice?
The CP501B is a relatively straightforward notice letting you know that you need to pay your outstanding tax balance. The letter tells you how much you owe, the due date for payment, and what can happen if you don’t pay.
What can I expect next after this notice?
In about 30 days you can expect CP 503B Second Reminder Unpaid Taxes
What are my options?
What is my first step?
If you received a letter or notice, a decision must be made. Do you feel confident to handle this situation on your own? If it is a simple issue and you already know the answer, call, or write them. If the issue is more complicated, you need to hire a Certified Tax Resolution Specialist. The IRS or State will take full advantage of your lack of knowledge and experience.
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 return/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.
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Download our Special Report “ I Just Received an IRS Notice, What Do I Need To Know?”
In it you will find next steps, dos and don’ts and information about your options
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