Tax Defense Network Discusses the Most Common IRS Collection Letters

Tax Defense Network discusses the collection letters that taxpayers who owe the IRS can expect to receive.

2012-07-13

JACKSONVILLE, FL, July 13, 2012 (Press-News.org) Tax Defense Network explains the differences between the most common notices the IRS sends informing a taxpayer about their tax debt and the collection actions they might take. These include:

CP504 Notice is when the IRS intends to issue a levy against the state tax refund of the taxpayer because they have a balance due on one of their tax accounts.

Tax Defense Network explains that taxpayers need to pay the amount due to avoid the levy, which is the legal right of the IRS to seize and/or sell the property/assets of taxpayers who owe taxes to the government. Those taxpayers who cannot pay off the tax debt in full in one payment can opt for the Installment Agreement program and pay the debt in monthly installments.

CP504B Notice regards any unpaid taxes due. If not resolved immediately, taxpayers can expect the IRS to begin searching for other assets on which to issue a levy. They may also file a federal tax lien.

A tax lien is the IRS' legal claim on a taxpayer's property or assets. After a tax lien has been placed, the taxpayer cannot sell or refinance their property. The lien also appears on your credit report, Tax Defense Network explains.
CP523 Notice informs taxpayers of the intent of the IRS to terminate a taxpayer's Installment Agreement and levy their assets because they defaulted on the agreement. Tax Defense Network states that taxpayers will need to pay a fee to reinstate the agreement.

Other notices taxpayers will need to look for are:

• CP 297A - Notice of Levy and Notice of Your Right to a Hearing
• CP 91/CP 298 - Final Notice Before Levy on Social Security Benefits
• Letter 1058 (LT 11) - Final Notice Prior to Levy; Your Right to a Hearing
• CP 90/CP 297 - Final Notice - Notice of Intent to Levy and Notice of Your Right to a Hearing
• Letter 668D (LP 68) - The IRS Released the Taxpayer's Levy

Tax Defense Network specializes in resolving tax debt issues. For more information on Tax Defense Network, and its tax debt relief services, please visit http://www.taxdefensenetwork.com/pr or call (888) 605-5657 for a free consultation. For other inquiries, contact kara.nuckles@taxdefensenetwork.com

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Tax Defense Network Discusses the Most Common IRS Collection Letters

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