Understanding CP 90 (otherwise called the Final Notice of Intent to Levy)
A notice or a letter from the IRS telling you that they intend to seize your assets is not a letter that anyone wants to receive. It can throw you into a state of panic and frantic thinking.
The IRS regularly sends reminders to taxpayers who owe taxes. When you fail to respond to these reminders (and make payments) time and time again, you will eventually receive the CP 90 or final intent to levy notice.
If you have received a CP 90, what this notice is simply telling you is that you have an amount due in unpaid taxes and therefore, the IRS can seize your assets, rights to property, and actual property if it is not paid back in due time. Properties that the IRS can lay their hands on include Business and personal assets, bank accounts, social security benefits, wages, real estate commissions, and so on.
But don’t be scared, the CP 90 notice doesn’t bring only bad news. Along with the IRS’s Final Notice of Intent to Levy comes a way out, as the CP 90 notice also informs you that you have a right to a collection due process hearing.
What to do when you receive the IRS notice CP90
As with every other notice you receive from the IRS, the first step is to carefully read the notice and grasp the message it contains. Every notice, if studied properly, usually contains sufficient information to grant you insight into the reason the IRS is contacting you.
After reading the notice, if you do not agree with the content of the notice, you can request a Collection Due Process hearing on Form 12153, or Equivalent Hearing. This is to allow you to appeal the intent to levy and any other disagreements you have.
However, if you agree, the next thing the IRS wants you to do is to pay everything you owe immediately. But this may not always be feasible as not everyone may have the money lying around in the bank or have enough to spare to settle this debt. If you can not pay the IRS immediately, then we advise that you should begin to explore the other options that are available to you such as requesting a payment plan, or settlement offer such as an offer in compromise.
Whatever you choose to do, note that it is important to note that the IRS notice CP 90 comes with a deadline. The IRS will signify that you are expected to take action within 30 days of receiving the notice.
If you have the money, pay the IRS before 30 days elapses. And if you decide to explore other options instead, you need to speak with a qualified tax professional before the deadline as well.
There are several payments options and plans available and a qualified tax professional can help you choose the one that will suit you best. Contact us today to walk you through this process.
About Souri, Gazda, & Co.
We are a tax relief firm dedicated to giving you the best results regarding resolving your tax debts. Our team of qualified professionals is available round the clock to provide you with the assistance you need to overcome your tax debts and be well on your way to financial freedom. Contact us now at 888-585-8629 or 617-430-4674 or send us an email at [email protected].
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