Tuesday, May 17, 2011

Stop the IRS -- IRS Final Notice CP 504 -- What Does it Mean -- What to Do


CP 504 IRS FINAL NOTICE



What is the IRS CP 504 Final Notice telling me?



This CP 504 Final Notice is telling you that the IRS intends to issue a levy against your state tax refund because you still have a balance due on one of your tax accounts. It is also telling you that the IRS will begin searching for other assets (paychecks, wages, Social Security, bank accounts, etc.) on which to issue a levy and that the IRS may also file a Federal Tax Lien, if the IRS has not already done so.





CP 504 - IRS FINAL NOTICE

Urgent!!
We intend to levy on certain assets. Please respond NOW


Our records indicate that you haven't paid the amount you owe.  The law requires that you pay your tax at the time you file your return.  This is your notice, as required by Internal Revenue Code Section 6331(d), of our intent to levy (take) any state tax refunds that you may be entitled to if we don't receive your payment in full.  In addition, we will begin to search for other assets we may levy.  We can also file a Notice of Federal Tax Lien, if we haven't already done so.  To prevent collection action, please pay the current balance now.  If you've already paid, can't pay, or have arranged for an installment agreement, it is important that you call us immediately at the telephone number show below.


If you, the distressed, struggling income tax debtor, received the above IRS Final Notice CP 504 and then ignore it, the repercussions are immediate and quite serious. This IRS Final Notice is sent after two previous two notices (CP 501 and CP 503), failed to get your attention regarding your tax liability. You should be aware that when the CP 504 IRS Final Notice is sent, the IRS is ready to assume an extremely aggressive stance regarding collection. If an immediate reaction to this information isn't forthcoming from the taxpayer, the IRS final notice, identified as the Federal Tax Lien Notice, is dispatched. At this time, assets are precariously close to getting levied/seized. For most scenarios, the CP 504 incorporates the introduction of the tax levy and the mark of the start of serious IRS tax problems for you, the tax debtor.

There are several income tax resolution firms and tax experts existent who can ably assist the financially struggling debtor in resolving these specific IRS tax problems. If an individual is capable of clearing the balance fully, then he must immediately do so.

This can stop the tax levy or tax lien before it really has begun. 

Nevertheless the current financial downturn has adversely affected the financial position for many households. Jobs have been lost, hours have been reduced, and employees are laid off. Hence, many people are defaulting on their regular tax payments for the first time. Taxpayers sometimes make the mistake of shying away from their IRS tax problems with the understandable, but quite unrealistic, hope that they'll be forgotten by the agency.

One must remember the fact that hiding from the IRS is not just impractical, it is, illegal.

After each notice is served to the taxpayer, ample time is permitted the debtor to settle the IRS tax problem. However, the taxpayer will be severely penalized for neglect and procrastination in addressing the debt. When the IRS dispatches the CP 504, a time period of thirty days is provided the taxpayer. Once this has passed, the levy is instituted together with a wage garnishment begins. Along with a timely response to the CP 504, the taxpayer must seek to pay of the amount due during this allotted period of time. The total amount accumulates interest that's compounded daily. There is also a penalty assessed caused by late payment. Hence, the smaller the unpaid amount the lesser the financial burden. As is also so often the case, with respect to the CP 504 together with other IRS tax problems which confront the taxpayer, a proactive approach is invariably advantageous and will definitely lead to a quicker and more equitable resolution.


What happens if I don't pay?


That depends on your unique set of circumstances. You need experienced and qualified income tax representation. If you are struggling financially, you need to look at an IRS settlement through the Offer in Compromise program.

Not every one is eligible and qualified for an Offer in Compromise. But more people are qualified and eligible to settle with the IRS.

If you ignore the IRS, do not pay the IRS and do not file an Offer in Compromise, you can forget about getting a fresh start. You can just about forget about "having money in your pocket" again. The IRS is relentless. But, there are rules and regulations in the Income Tax Code that allows settlements based on your income, your assets and your allowable expenses. This formula will tell us what you should be paying the IRS. 

IRS MAKES IRS SETTLEMENTS EASIER

“I’ve made a whole set of changes to the Offer in Compromise (OIC) program since I’ve been here to try to increase the participation rate, increase the acceptance rate, because it’s good for the tax system,” Doug Shulman, the IRS Commissioner said.


“These changes to the Offer in Compromise program will help give taxpayers a fresh start,” said Doug Shulman, the IRS commissioner, in a conference call with reporters. These changes “are especially appropriate as the American people and small businesses are climbing out of the worst recession in a generation.”

NOT EVERYONE IS QUALIFIED

BUT IF YOU ARE

YOU CAN SETTLE WITH THE IRS

If you qualify for an IRS Settlement through the IRS Offer in Compromise (OIC) program, you can "get your life back", you can save thousands of dollars in taxes, penalties and interest. Taxpayers can have IRS Income Tax Debt, including most payroll taxes, penalties, and interest. It is the closest thing to amnesty that the federal government offers in connection with back tax debt.

Financially struggling taxpayers should bear in mind however, that the IRS Offer in Compromise program or IRS Penalty Abatement program is a privilege, not a right such as bankruptcy. That being said, it is a very subjective process. The IRS has the final word. The IRS Offer in Compromise (OIC) process is a very complicated drawn out process that can take upwards of nine months to a year and even longer. There are IRS guidelines, rules and protocols established by operation of law, under IRC Section 7122. However, most IRS Offer Examiners (former Revenue Officers) use the Internal Revenue Manual (IRM) as their guide.

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HOW MUCH WILL IT COST TO SETTLE

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1 comment:

  1. If you have received notices from the IRS such as the CP 504, Final Notice, you have options should you be unable to pay the debt. Find out what is available to you.

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