What is the IRS CP 504 Final Notice telling me?
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.
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?
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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