IRS

How To Respond to IRS Form CP504

Did you recently receive IRS Form CP504 in the mail? If so, avoid tossing it aside and telling yourself you’ll worry about it later.

This IRS notice is sent to those with unpaid taxes as a final warning and serves as a Notice of Intent to Levy. If you fail to respond to this tax levy and clear up your tax debt, the IRS might start seizing your wages and assets to settle your back taxes in a timely manner.

So, how exactly should you respond to IRS Form CP504? Take the following steps to stop the IRS from levying your assets to eliminate your tax debt.

Read Through IRS Form CP504

Many people are taught to fear the IRS, so any time they receive a letter from the agency in the mail, they immediately panic. They might even avoid reading this letter because they’re scared to see what it says.

Receiving IRS Form CP504 isn’t particularly pleasant, but you’re better off reading it right away and getting a good understanding of where you stand when it comes to unpaid taxes versus turning a blind eye to it. You’ll kick yourself later on if you receive a final notice from the IRS and don’t do anything about it in a timely fashion.

Check the Accuracy of IRS Form CP504

As you read through this IRS form, pay close attention to everything in it. Look at the balance for your back taxes, and check the IRS’s records against your own to confirm that the figure they’ve sent you matches.

If you believe the IRS is trying to track you down for unpaid taxes when you don’t owe them, don’t ignore the agency. Contact the IRS to find out what’s going on and point out any mistakes you suspect may have been made on the agency’s part.

Consider Paying Off Your Tax Debt

Can you afford to pay off the tax debt you owe to the IRS? The ideal option is to send a payment to the IRS as soon as you can to bring the balance for your unpaid taxes down to $0.

The IRS accepts payments in many forms to make the payment process as convenient as possible for those with tax troubles.

Set Up a Payment Plan With the IRS

Do you know you can’t afford to pay off the tax debt you owe to the IRS? The agency will likely help you set up a payment plan so you can pay down your tax debt over time.

The IRS offers both short-term and long-term payment plans. Search for a payment plan that will work for you and apply online for it.

Reach Out to Trusted Tax Consultants

Is IRS Form CP504 creating a lot of confusion within your household? Don’t be afraid to touch base with trusted tax consultants who can analyze your current tax situation and provide you with guidance as you look for a solution.

Tax consultants can put you in a position to reduce or eliminate IRS penalties. They can also expand on the options you’ll have when dealing with unpaid taxes and the final notice you’ve received from the IRS.

Contact Us Before Responding to IRS Form CP504

Levy & Associates can provide you with the tax consultants you need to respond to IRS Form CP504 accordingly. We can also lend a hand with a wide range of IRS-related issues, including audits and other possibilities you may not want to face. Call us at 877-620-6490 or fill out this form to start working with a consultant who can help you make things right.

Contact Levy & Associates for Dependable Tax Audit Services

Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.

There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.