CP 523 – What Does This IRS Letter Mean and What to Do

CP 523 – What Does This IRS Letter Mean and What to Do

If you’re currently in an IRS Installment Agreement (IA) with the IRS, whether it is a Guaranteed, Streamlined, or a Financially Verified one, you will receive IRS Letter CP-523 if you have defaulted on it. This is actually a «Notice of Intent to Levy» from a defaulted IA which means that the IRS will start seizing your assets if you do nothing. These assets may be your wages (paycheck), bank account, and other personal property.

There are many reasons for this:

1) You failed to file your most recent return,

2) You missed a payment

3 You did not send a monthly payment in full

4) More money has been added to your balance

What should I do after receiving a CP 523 notice?

Your installment agreement is very close to being canceled. You should call the IRS immediately to discuss the problem. This will give you more information on why your agreement was canceled. If you want to keep it in place, you will have to speak with the IRS about what you will do to fix the situation. For instance, you may have to file your return right away.

How long can I wait to respond?

If you want your IRS to stay active you don’t have long to call the IRS. After receiving a CP 523 notice, you have 30 days to contact the IRS and resolve your situation. Waiting longer than this will result in the termination of your agreement. Just because you lost your installment agreement does not mean that you no longer owe the money.

To discuss a CP 523 notice for any reason, contact the IRS at the number listed. You have the right to file an appeal should you be dissatisfied with the outcome of your phone conversation. It is also recommended that you reach out to an IRS tax professional or firm that can provide you assistance in making sure your IA is not canceled, and if it was try to get I reinstated.



Source by Manuel Davis Jr.

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