Keith Jones, CPA Newsletter
Stay one step ahead of the IRS and explore suitable resolutions for your tax debt.
Have you enjoyed a period of relief from tax debt troubles in recent years? Well, get ready, because the calm is about to be disrupted. On December 19, 2023, the IRS made a significant announcement that should grab your attention. The Automated Collection System is gearing up to go full throttle once again.
For those unfamiliar, the Automated Collection System is the IRS's way of collecting what is owed to them. And guess what? Those collection notices that were momentarily put on pause for tax years prior to 2022. They're making a comeback.
Yes, you heard that right. The IRS is moving towards enforced collections like never before. Brace yourself for what's coming.
But fear not! As a tax resolution expert, I'm here to shed some light on the situation and guide you through these upcoming challenges. You see, the IRS follows procedural collections notice stream. It's a systematic approach they use to inform taxpayers about their outstanding tax debt.
It all starts with the dreaded CP14 notice, which is usually issued within 60 days of tax assessment, arriving in the first week of June. From there, things gradually escalate. The IRS sends reminders and threats of enforcement.
Understanding this "collection notice stream" is crucial for taxpayers like yourself. Each notice acts as a vital checkpoint, giving you opportunities to resolve your debts before the IRS takes more aggressive actions.
Let's break it down. If you ignore the tax debt mentioned in the CP14 notice, get ready for the CP501 "Reminder Notice" to come your way. And just when you think you can escape the clutches of the IRS, the CP503 "2nd Reminder Notice" arrives, usually five weeks after the CP501 notice.
But wait, there's more! If you still haven't taken any action after all those reminders, the IRS sends their heavyweight, the CP504 notice. This is the Final Notice of Intent to Levy, a clear signal that the IRS can start seizing your assets and garnishing your wages. Not something you want hanging over your head.
Now, here's the real kicker. If you let 30 days (about 4 and a half weeks) pass without taking any action to resolve your tax debt, the IRS goes into full-blown enforcement mode. They won't hold back. Bank levies, wage garnishment, and a whole mess of other worrisome measures could be coming your way. Scary stuff, I know.
But don't fret! Together, we can face this storm head-on. You've had a good two-year break from the tension, but now it's time to prepare yourself. The IRS is revving its engines and stepping up their collections game.
As a tax resolution expert, I urge you to be proactive. If you receive any notices from the IRS, don't ignore them. Take immediate action. And most importantly, seek professional advice from someone who knows how to navigate this complex terrain.
By being prepared and taking those proactive steps, you can protect yourself from the looming storm. Stay one step ahead of the IRS and explore suitable resolutions for your tax debt.
Remember, as a tax resolution expert, I'm here to help you weather the IRS collections hurricane. Together, we'll find a way to bring you the peace of mind and financial stability you deserve. Contact me today and let's tackle your tax debt head-on.
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