Most taxpayers have some sort of a freakout moment when they receive a notice from the IRS. It is important that you OPEN LETTERS FROM THE IRS. The issue will not go away if you ignore it, it will actually get worse. If you wait to open the notices, you will continue to be assessed penalties and interest, you won't know what is going on, you won't know when to call the IRS or when it's time to seek professional tax help. You will find yourself in a mess.
Below is an explanation of the IRS Notices:
Notice CP-501: This notice is to inform you that you have a balance due (you owe the IRS money) on one of your tax accounts.
Notice CP-503: This notice is letting you know that the IRS has not heard from you. You still have an unpaid balance on one of your tax accounts.
Notice CP-504: This is the Intent to Levy Notice. You have an unpaid amount due on your account. If you do not pay the amount due immediately, the IRS will seize your assets in an attempt to pay the balance due.
Letter 11: Notice of Intent to Levy. 30 days after this notice the levy action may start. The only way to stop the levy action is by requesting a hearing with Form 12153.
As you can see, if you don't open the mail from the IRS, you won't know what stage of the collection process you are in or what can be done. If you wait to long there may not be anything that can be done to help you.
If you or someone you know has IRS issues, please feel free to contact me at 702-469-9426 or cstevens@numbercruncherllc.tax.
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