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Responding to CP-504 IRS Notices
You have received numerous letters from the IRS nagging you to pay your hefty tax bill now. You might have stopped paying attention to them. However, if you receive a CP-504, it is time to start taking notice and doing something about your tax debt. This page will help you understand what the CP-504 notice means for you, and what you should do when you get one.
What is the CP-504 Notice Telling You?The CP-504 notice means that the IRS is going to start collecting on you, starting with your state refund. If you owe anything to the IRS, you will never see a federal refund check again until that debt is paid or its statute of limitations has expired. However, your state refund is a different source of income with different rules. The IRS sends a CP-504 notice to let you know that your state refund will be applied to your debt instead of your bank account.
It is also meant as a wakeup call before the IRS begins other aggressive actions. If you do not respond appropriately to a CP-504 notice, the IRS will likely resort to seizing the following properties.
- Income sources, such as wages.
- Bank and other financial accounts.
- Business and personal assets.
- Social Security and Disability benefits.
What Should You Do About a CP-504 Notice?Your CP-504 notice should have a deadline to pay the full amount of your tax debt. If something is not done before that date, you will not be able to save your state refund. This does not mean that your only choice is to pay the debt in full or suffer the consequences. Chances are, if your tax problems have gone this far, you probably don't have enough money to easily pay your IRS debt in one payment. During this time, you need to make a legal agreement with the IRS. Your choices include, but are not limited to, the following options.
If you owe more than $10,000, it will be more difficult to get into an agreement that will prevent aggressive action. CP-504 notices for high tax debts need to be taken very seriously. Consult a professional. Call (800) 590-4524 now or fill out the form below for a free tax debt consultation on what you should do about your CP-504 notice! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.
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