Key Points of IRS CP90 Notice
IRS CP90 notice is a bill on an unpaid tax debt you owe, and it demands immediate payment or the IRS will levy your assets to collect the outstanding tax debt. This is sent after multiple unanswered efforts by the IRS to contact a taxpayer about their tax debt. You should contact the IRS immediately and either pay the amount due or set-up a payment plan, as a levy can have significant financial implications, affecting various assets or sources of income.
How to Respond to IRS CP90 Notice
Receiving the CP90 notice necessitates immediate action. Start by thoroughly reviewing the notice to ensure the accuracy of the debt claimed by the IRS. Update your tax records accordingly. If you agree with the notice, arranging the balance payment is imperative to avoid the levy quickly. If the full payment isn't feasible, contact the IRS to discuss potential payment options or alternatives to the levy. Should there be discrepancies in the notice, or if you need additional information, use the provided contact details to communicate with the IRS. Swift action and communication with the IRS are crucial in this situation.
Possible Consequences of Not Responding
Ignoring the CP90 notice can lead to severe consequences, including the actual levy of your assets. This action by the IRS can significantly impact your financial situation, and it's often more challenging to resolve once levies are in place.
When to Seek Professional Help
If you’re uncertain about the debt's validity, struggling to understand the notice and its implications, or needing assistance managing the situation or preventing the levy. We can help! Our team of experts can offer invaluable advice and represent and resolve your situation with the IRS on your behalf.
Frequently Asked Questions (FAQs)
Is there a way to stop the IRS from levying my assets?
What if I believe the CP90 notice is a mistake?
How quickly do I need to respond to the CP90 notice?
The IRS CP90 notice is a serious indication that the IRS is moving forward with levying your assets due to unpaid taxes. Prompt and careful handling of this notice is essential to manage your tax liabilities and prevent drastic measures like asset levies.