Understanding the CP 504 and LT 11 IRS Collection Notices.

The IRS has resumed sending out collection notices.

Wage Garnishments and Bank Levies

If you tend to ignore your IRS notices DON’T! They could be a cp 504 Notice of Intent to Seize or Levy your property. If you choose to ignore the cp 504 notice and get issued a LT 11 notice well… BE warned they will Garnish you!!!

The cp 504 letter is the last warning letter before the IRS decides to issue you the LT 11 notice. Which means they are getting ready to either wage garnish you, bank levy you or garnish your social security income. Either way they are coming after you! The best course of action is to get in front of it and call a firm like ours or call the IRS yourself.

You need to act to protect your source of income and assets. IF you have no idea how much you owe the IRS. Start by setting up an IRS.gov online account. Why? There you will find the account balances for all outstanding IRS debt. Secondly, you can also see your account transcripts. Why is that important? By reviewing your oldest tax debt account transcript you can see if the IRS has issued a cp 504 or a lt 11 and also see if a tax lien has been filed. I’ll go into more detail later this month about tax liens and why you need to keep your IRS debt in check.