If you fail to pay your federal tax debt in a timely manner, you may find yourself toe-to-toe with IRS collections activities. Before the IRS can collect the funds you owe, they are required to notify you through a written CP 504 notice. Paramount Tax Relief in Sacramento is here to tell you exactly what to do if you get a CP 504 in the mail.
What Is A CP 504 Notice?
A CP 504 notice is written notification of the IRS’ intent to levy an assets you may hold. This notice must be given to you in writing, and can be delivered by the U.S. Postal Service.
The notice that you receive will notify you that the IRS intends to levy your state tax refund. It will also notify you that the IRS has launched a search into what assets you hold, if any, can be levied to redeem what you owe to the government.
Some of the assets that can be levied to repay your tax debt are:
- Wages or salaries
- Real estate commissions
- Checking and savings bank accounts
- Business assets
- Personal assets like a secondary home or car
- Social Security benefits
How Sacramento Taxpayers Can Respond To A CP 504 Notice
If you receive a CP 504 notice in the mail, it is imperative that you do not ignore it. This notice gives you the chance to contact the IRS to discuss ways to settle your debt before your assets are levied. You should call the telephone number provided with your notice The IRS agent will be able to discuss what repayment or debt settlement options are available to you.
If you do not agree with your CP 504 notice, you have the right to dispute it. Before you challenge the notification, be sure to retain the services of our tax relief professionals. We’ve helped several taxpayers challenge their CP 504 notice – just take a look at our testimonials! Our trusted team serving Sacramento is standing by to give you the proper tax help you need.