Issues With Learning New Information At 30 Years Old Reddit A CP – 504 Marks The Beginning Of Serious IRS Tax Problems

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A CP – 504 Marks The Beginning Of Serious IRS Tax Problems

If a taxpayer receives a CP 504 and then ignores it, the consequences are immediate and quite serious. This notice is sent only after two previous notices (CP 501 and CP 503) have not attracted the taxpayer’s attention. The debtor should understand that when the IRS CP 504 notice is received, the IRS is ready to take a very aggressive stance regarding collection. If a prompt response to this notice is not forthcoming from the taxpayer, a final IRS notice, also known as a Federal Tax Lien Notice, is sent. At this point, the assets are precariously close to being taxed. In most scenarios, CP 504 includes the entry of a tax lien and signals the beginning of serious IRS tax problems for the debtor.

There are several tax resolution firms and tax experts that can assist the debtor in solving these specific IRS tax problems. If a person is able to completely clear the balance, then he should do so immediately. This can stop the tax levy or tax burden before it starts. But the current financial downturn has negatively affected the financial situation of many families. Jobs have been lost, hours have been cut and employees have been laid off. Therefore, many people are defaulting on their regular tax payments for the first time. Taxpayers sometimes make the mistake of walking away from their IRS tax problems in the understandable, but quite unrealistic, hope that they will be forgotten by the agency. It must be remembered that hiding from the IRS is not only impractical, it is, in fact, illegal.

After each notice is sent to the taxpayer, the debtor is allowed sufficient time to resolve the IRS tax problem. However, the taxpayer will be heavily penalized for negligence and procrastination in addressing the debt. After the IRS sends the CP 504, a time period of 30 days is given to the taxpayer. Once this has passed, tax is levied and a wage garnishment begins. Along with a timely response to the CP 504, the taxpayer should attempt to pay as much of the due amount as possible within this specified time frame. The balance accumulates interest that is compounded daily. There is also a late payment penalty assessed. Therefore, the smaller the outstanding amount, the smaller the financial burden. As is often the case with CP 504 and other IRS tax problems facing a taxpayer, a proactive approach is always beneficial and will lead to a faster and fairer resolution.

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