{"id":4578,"date":"2021-07-02T08:34:27","date_gmt":"2021-07-02T08:34:27","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=4578"},"modified":"2021-07-02T10:57:12","modified_gmt":"2021-07-02T10:57:12","slug":"how-serious-is-cp504-or-notice-of-intent-to-levy","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/how-serious-is-cp504-or-notice-of-intent-to-levy\/","title":{"rendered":"How Serious is CP504 or notice of intent to levy ?"},"content":{"rendered":"\n
IRS issues Notice of Intent to Levy in a letter numbered CP504 asking you to pay the tax due within 10 days of service of that letter. The Notice of Intent to Levy is issued as per Internal Revenue Code Section 6331 (d)<\/a> . The CP504 or the Notice of Intent to Levy explains why this notice was issued and what may happen , if the tax due is not paid within 10 days . In other words , there are information about tax due in books of IRS including the penalties and interest are accruing. The letter also threatens that IRS may resort to diverting federal government payments due to the taxpayer, as well as State tax refunds.<\/p>\n\n\n\n IRS letter CP504 is first serious move by IRS towards collection of tax . Basically , the goal of IRS in issue lo CP504 is to pressure the taxpayer to pay the tax debt in full. However, since the CP504 is not the final notice of intent to levy , the IRS can not do all those things like enforce collections by levying bank accounts, levying accounts receivable, or seizing the taxpayer\u2019s assets immediately after 10 days of CP504 .This notice is precursor to other serious notices from IRS for a definite action to collect the irs tax debt <\/em>against you.Here are a list of things that happens when you ignore the Notice of Intent to levy or letter CP504<\/p>\n\n\n\nWhat happens if you don’t pay tax debt even after Notice of Intent to Levy?<\/h2>\n\n\n\n
1. Higher penalty rate for failure to pay<\/h3>\n\n\n\n