IRS Notices will soon be dispatched. Suddenly, taxpayers will receive critical notices from the IRS warning them of their IRS Debt or IRS Tax Issues and demanding payment of their debts. And you know the IRS wants their money back ASAP. Here are the top forms to look out for:
CP 297- This is the IRS Notice of Levy and Notice of Your Right to a Hearing, it's a notice that strikes fear into the hearts of many. If you’ve received IRS Notice CP 297 in the mail you may have ignored some of the IRS’s previous attempts to contact you.
Now they are notifying you with CP 297 that they intend to levy you and are notifying you of your right to a hearing as required by federal law.
CP 49- Notice CP 49 Overpaid Tax Applied to Other Taxes You Owe is sent to inform you of an overpayment on one of your tax accounts. The form lets you know that you overpaid the IRS and all or part of the overpayment will be applied to other taxes you owe. So what exactly is this “overpayment”, you ask?
It’s your Tax Refund. That’s right, this Tax Notice was sent out to inform you that your Tax Refund is being applied to other taxes that you owe the IRS from prior years.
CP 523- This is Notice of Intent to Levy- You Defaulted on Your Installment Agreement. The IRS takes it very seriously when drop out of the installment payments set up prior.
They send this notice to let you know they will forcefully levy the funds from your wages or bank account if you refuse to pay. You might not be able to set up the cushy payment arrangement you had before without professional help at this point.
Contacting Professionals for IRS Notice Help
One of the best things to do when you receive an IRS Notice in the mail is to contact a Tax Professional immediately. Working with a tax debt professional is a good bet when you owe the IRS and you don’t know what to do or where to turn. They know the ins-and-outs of your tax debt situation and have all the solutions you need.