CP504 Tax Attorney

Before you know how to respond to CP504, it is important for you to know about it in detail lest you end up messing up your matter. If you have received a notice from the IRS in your mailbox, it means that you have some IRS issues. You should not panic about them. You can easily handle them. Remember that numerous notices are sent by the IRS every year. They could be anything from default notices to corrections on tax returns. Every notice points to an issue and includes the details on how to settle the matter.

What Does IRS CP504 Mean and What Steps Should You Take?

If you receive IRS CP504 notice, it means that you have a past bill due with the IRS. Also, it means that the IRS has sent you better before, but you did not take care of the issue because either you were unable to pay the balance due or you were not sure how to resolve it. Remember that you should not be careless with the Notice CP504. It is important for you to know that you have some legal rights that you can utilize to prevent the IRS from taking money from you. In addition, you have various procedural rights to get into payment plans or settle the debt for something less. 

What Will Happen If You Ignore the IRS CP504?

If you do not pay the IRS within 30 days, the IRS will send a notice to you, informing you that you have a hearing before the IRS Office of Appeals. This notice will be one of the most important IRS notices you will ever receive. If you fail to timely file an appeal, the IRS will then take steps to confiscate your property or the rights you have to your property. The properties that can be seized or levied include your state tax refund, personal assets, business assets, bank accounts, wages, and other income and social security benefits. 

What Should You Do Against IRS CP504? | San Diego, CA

  • First of all, you should speak to a knowledgeable tax attorney before you respond to the IRS. An attorney will correspond with the IRS and help you develop a strategy so that you can avoid the aggravating situation. The first step in responding to IRS CP504 is to contact the IRS and appease collections to prevent levies.
  • The next step involves the process of getting the IRS account transcripts. If you realize that you owe what the IRS says about you, your attorney will assist you in making a plan to mitigate or reduce the tax. The amount owed is often disputed. According to your situation, you may be able to file amended returns to lessen the amount owed along with a penalty abatement request.

How to Pay Your Tax 

When you have got your amount lessened along with a penalty, you need to pay your tax. For this, you should not wait or procrastinate because tax debt doesn’t go away on its own. Nevertheless, even though the IRS has filed the notice of its intent to levy your state tax refund or other property, no linens or levies have been placed on your properties or funds yet. You can pay the bill online using your debit or credit card or your bank account. Some extra fees may also be applicable if you use a card, they will be much less in comparison to the consequences you will be facing if you do not pay heed to this tax notice. You also have the option of paying late taxes through money order or cheque, using enclosed payment coupons and sending them to the address mentioned on the bill. If you mail the payment, it is a good idea to call the number on the IRS CP504 notice so the IRS can halt further collections.

At Global Gate, we can help you resolve your IRS CP504 issues through a free consultation. We have four major steps that you need to follow—free consultation, investigation, resolution, and freedom. We have a team of tax experts who will help you resolve your issues, and you will be content. 

Briefly!

The IRS CP504 notice is a serious threat that you should not take lightly. Take appropriate steps to get your IRS CP50 issues resolved. Remember that ignoring it or procrastinating it may cost you dearly. So, do not take such a risk.