IRS Notice CP523
Take caution when CP-523 comes to you . Above a simple document, this form in the mail is a warning from the IRS. IRS Notice CP-523 is the real deal, a major issue brought about by the IRS that must be resolved immediately if you want hope of preventing an IRS Levy.
Making Sense of IRS Notice CP523 "Notice of Intent to Levy - You Defaulted on Your Installment Agreement"
Unlike usual IRS Levy threats, this notification is mailed only when you have defaulted on your Installment Agreement and did not contact the IRS yourself. The IRS sent out the CP523 IRS Notice to let you know the reason why the Payment Plan defaulted, notify you of their intent to seize your personal belongings, and advise you of what actions you could take to stop the IRS from utilizing a tax levy against your property, earnings, or the funds in your bank .
What You Ought to Know with Regards to CP523
IRS Notice CP 523 "Notice of Intent to Levy - You Defaulted on Your Installment Agreement" is mailed to let you know that the IRS intends to terminate your installment agreement and that they will execute a federal levy against your pay and/or bank accounts as repayment for what you owe. The letter goes over the precise cause for their course of action. Reasons for an Installment Agreement to be cancelled:
- Your payment was not on time or wasn't submitted whatsoever
- You didn't file or pay on time, triggering a new balance due to the IRS
- You did not abide by the rules in your agreement
Reacting to Notice CP523 from the Internal Revenue Service
Act immediately as soon as you receive CP523 to avoid a Tax Levy. You can first put together your documents, then contact the IRS or hire a tax debt resolution business, but just be sure to act fast.
What Is the Time Frame for Contacting the IRS When You Receive CP523
To steer clear of a levy by the IRS, you need to take action to resolve what you have due to the IRS within thirty days. You can contact them on your own or invest in a expert to represent you, but you need to move within 30 days.
I Followed All the Rules. What Now?
If you feel the IRS delivered this form to you incorrectly, it is wise to have a licensed expert represent your case. With an expert in your corner, you're going to be able to effectively settle your tax problems.