IRS Collection Notices: Understand What The IRS Can Do
When you owe a tax debt, the IRS will start sending you letters demanding that you pay. The IRS collection process generally begins with three increasingly aggressively-worded letters. The Notice CP501 advised you that you have a balance due. The Notice CP502 or 503 is a second notice and demand for payment. The Notice CP504 is a Notice of Intent to Levy. After you receive the Notice CP504, the IRS can still only take limited action. For example, it can seize your state tax refund. But it can't yet take more damaging actions such as garnishing your wages or seizing funds from your bank, investment, or retirement accounts. But if you don't respond to the Notice CP504, the IRS will then generally send the Letter 11 or Letter 1058, Final Notice of Intent to Levy and Notice of Your Right to a Hearing.
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