IRS Notice CP504B – Notice of Intent to Seize Your Property or Rights to Property
This is an urgent notice informing you that you owe a balance and you must respond immediately. It is a warning that the IRS can levy the business’ assets if no response is received.
Type of Notice: Unpaid balance
Most common tax problem area: Unpaid business taxes
Other tax problem areas: Business penalties
Why you received IRS Notice CP504B
- Your business owes a balance due to the IRS.
- The IRS sent at least one notice requesting payment, but they never received payment.
- The IRS sent CP504B to inform you of their intent to levy property or rights to property.
Your options to address IRS Notice CP504B
- Make arrangements to pay
- Dispute the taxes you owe
- Dispute the penalties
Notice deadline: 21 days
If you miss the deadline: The IRS may issue a levy and/or file a lien on the business’ property. The IRS will increase the failure to pay penalty from 0.5% to 1% per month if your client does not submit payment in full or contact the IRS to establish a payment agreement or other formal arrangement.
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