What Do These IRS Collection Notices Mean?

By
Education & Training with Tax Crisis Rescue LA CPA 27402

IRS Letters saying that you owe back taxes or have unpaid tax debt are scary. I get calls from concerned clients regularly who want to know what they mean. If you file a tax return and do not pay the tax due on that return, you will get a series of notices asking you to pay up. The notices start out as informational notifications but quickly escalate to threats of collection actions like wage garnishments, bank account levies and federal tax liens.

 

View the video version of this blog post on YouTube at:

https://www.youtube.com/watch?v=tYEfdMaV3Sk&t=56s 

 

The collection notices you can expect to receive are listed here in the order you will receive them.

CP14    Balance Due on Tax Return

CP501  You Still Owe a Balance – Reminder

CP504  Notice of Intent to Seize (Levy) Your Property or Rights to Property

If you have not paid your tax debt or arranged for a plan of resolution after receiving these notices, the threats get serious. If you get one of the following notices, you have little time to act before losing rights and getting your income or assets seized.

CP90    Final Notice of Intent to Levy; Notice of Your Rights to a Hearing

LT11    Intent to Seize Your Property or Rights to Property

These collection notices are sent out up to five week apart, so it can take months before you see the CP90 or LT11. You can make contact with IRS after the first notice to resolve the debt with an offer in compromise or installment agreement, or ask to be placed in currently non-collectible status and avoid getting the threatening notices.

If you are unable to pay your taxes, there is no need for concern. If you need help with your tax debt from a qualified tax resolution specialist contact us here in New Orleans, Louisiana or visit www.taxcrisisrescue.com or call 800-433-0986.

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Rainmaker
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Dirk Danos CPA CTRS
Tax Crisis Rescue - New Orleans, LA
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Jan 02, 2019 07:44 AM #1
Rainmaker
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Andy Brown-Climer School of Real Estate
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Dirk, really good blog article! Remember, blogging is really to keep Google's search engine optimization ranking algorithms happy. You want content, number of words, keywords, embedded links, etc to be whatever Google is looking for these days.

Jan 02, 2019 07:55 AM #2
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Rainmaker
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Dirk Danos CPA CTRS

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