En esta noticia
The Internal Revenue Service (IRS) sends various notifications to taxpayers when tax payment is owed, which inform them of the steps to follow to prevent penalties and interest from adding up.
The latest of these notices is the CP504, also known as the Notice of Intent to Levy, under Section 6331(d) of the Internal Revenue Code.
The notice is dated, and this date will be the reference used to count the days granted to the taxpayer to act before the collection process begins, which involves the seizure of the tax refund and can escalate to liens on property.
When the IRS CP504 Notice is sent
According to the official information shared by the Taxpayer Advocate Service, this notice is sent when the IRS did not receive payment of the outstanding balance, of which the taxpayer was previously notified, and it explains how much is owed and how to pay to avoid harsher penalties.
“If the IRS does not receive the amount owed within 30 days of the date of this notice, the IRS may seize your state tax refund,” authorities say.
What those who receive the IRS CP504 Notice should do
The notice provides information on the accepted payment methods. Those who are not able to meet their obligation should stay in contact to verify alternative payment options that show the intention to address the outstanding amount.
If the notice is not answered and no hearing is requested, further measures may be taken to collect the outstanding amount.
“This additional collection action could include the IRS collecting or seizing your wages and other income, bank accounts, business assets, personal assets, retirement accounts, Alaska Permanent Fund Dividends, and Social Security benefits up to the amount owed by the taxpayer,” it explains.