NOTICE CP504B

A Notice CP504B is a formal notice from the Internal Revenue Service (IRS) that states that the IRS intends to levy your property or rights to property to pay off an unpaid tax debt. This notice is often referred to as a “final notice” because it is the last step the IRS takes before taking collection action.

• You failed to file your tax return.
• You filed your tax return but did not pay the full amount of taxes owed.
• You failed to pay estimated taxes throughout the year.
• You have a penalty or interest charge on your account.
• You have been audited by the IRS and found to owe additional taxes.
• You have not responded to previous notices from the IRS about your unpaid tax debt.

You should contact the IRS immediately if you receive a Notice CP504B. There are a number of options available to you, including:

• Pay the full amount of your tax debt in full.
• Set up a payment plan with the IRS.
• Request an offer in compromise to settle your tax debt for less than what you owe.
• Request a hardship deferment to postpone payment of your tax debt.

What happens if you ignore it:

If you ignore a Notice CP504B, the IRS will likely levy your property. This means that the IRS will seize your property or rights to property and sell it to pay off your tax debt. The IRS can levy a wide range of property, including:

• Your bank accounts
• Your wages
• Your investments
• Your real estate
• Your personal property, such as your car and furniture

The IRS can also file a Notice of Federal Tax Lien against you. This will make it difficult for you to obtain a loan or credit card, and it may also prevent you from selling or refinancing your home.

• The best way to avoid receiving a Notice CP504B is to file your tax returns on time and pay your taxes in full. If you cannot pay your taxes in full, you should contact the IRS to set up a payment plan. It is also important to keep accurate tax records so that you can easily file your taxes and prove that you have paid your taxes.