CP-523: Your Agreement is in DEFAULT!


CP-523: Why Did My IRS Agreement Default?

IRS Notice CP-523CP-523 is a letter the IRS sends out immediately after an agreement is broken. This means that you, the taxpayer, did not follow one of the many rules about your agreement with the IRS. The CP-523 also means the IRS WILL levy your wages and your bank accounts within 30 days or less. Most people do not understand why they received a CP-523 and how to fix the situation. Here are some of the most common reasons why the IRS will default your agreement and send you CP-523:

  • Failure to make timely payments (late payments or payments that are not the full amount)
  • Failure to file your next year's tax return on time
  • Filling your next year's tax return with a balance due
  • Not paying estimated tax payments or correcting your withholding as instructed

When you initially agreed to a repayment to the IRS for a back tax debt, you automatically agreed that you would file your tax returns on time without a balance due, make your monthly payments on time, make your monthly payments for the amount agreed upon, and make sure that you withhold properly or makes estimated tax payments. However, if you make one mistake, such as a late payment, filing a return a little late, or just not having the money to pay off any debts on new tax returns, the IRS will send you CP-523. They not only will garnish your wages and levy your bank accounts, they will do so almost immediately!

CP-523: How Much Time Do I Really Have?

CP-523 has a date the letter is mailed by the IRS. If you do not open your CP-523 from the IRS, or are not able to receive your mail, you may have little to no time. The standard amount of time the IRS gives on a CP-523 is 30 days. Within that 30 day period, you have only a few options: get into a new IRS agreement and fix whatever caused this default, or be ready for the wage levy and bank levy.

The IRS will rarely allow for any extensions, or Stay of Collections, on an account where a taxpayer has gone into default on an agreement. If you have hardship (loss of job, medical emergency, or natural disaster), and get a kind IRS Agent on the phone, they may give you an extra 30 days to respond to your CP-523. However, this is their discretion, and you have no recourse if they say no!

CP-523: So What Do I Do?

CP-523 means you have to be proactive NOW! First you need to analyze what caused you to default your agreement. If you have not filed a tax return, you need to have the return prepared immediately. If you are struggling to make payments, you need to ask for a new installment agreement based on your ability to pay. This means filling out forms, gathering financial paperwork, and getting it to the IRS before your deadlinedate on your CP-523 . Most people will find this daunting, and if you have a drastic circumstance that caused you to get a CP-523, seeking professional tax debt assistance may be the best choice.

Regardless of what caused the debt, you have to offer a resolution to the IRS to keep them from taking your wages or bank accounts! Any time you waste will be one day closer you come to them taking things from you! Be proactive and be honest about what happened to cause your CP-523. Figure out what you need to do to make sure your next agreement with the IRS stays put! Above all, seek professional tax debt help if you are struggling to pay the agreements the IRS forces you into, or if you are having trouble filing your returns on time. Fill out the form below or call to speak with a tax debt professional who has experience in dealing with aggressive collections letters, like CP-523, from the IRS. Our network of Tax Attorneys, Enrolled Agents, Tax Preparation Specialists understand how difficult the economy is these days, and will ensure that you get the best tax debt resolution for your circumstances. Don't let the IRS force you into another agreement you cannot afford. Call now for help with your CP-523!


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