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.
Want more help?
See your local tax pro for a free consultation.
Need help with an IRS tax problem? The tax experts at H&R Block are here to help.
Understand the most common types of IRS business tax penalties for filing and paying late, and your possible options for requesting IRS penalty relief.
Learn more about notice CP210-220, why it was sent, and how to handle the notice with help from the tax experts at H&R Block.
Need help with an IRS correspondence examination (commonly called a mail audit)? Read the IRS definition and get more insight from experts at H&R Block.