What Should I Do if I Receive a CP504 Letter?

February 1, 2024
|In Uncategorized
|By Ben Butterfield

Did you get a CP504 notice? 

If you did, you’ll need to take the right steps to get both the best outcome and protect your finances.

 

 

Decoding the CP504 Notice

The CP504 is a formal communication issued by the IRS, signaling unresolved tax debt. It serves as a final warning before the IRS initiates enforced collection actions to recover the outstanding amount.

 

Implications of the CP504 Notice

Receiving a CP504 notice indicates the IRS’s intent to take stringent measures for debt collection. These measures may involve placing a federal tax lien on assets, wage garnishment, or offsetting federal payments.

 

Steps to Navigate the CP504 Notice

  • Thorough Review: Take a close look at the CP504 notice. Understand the basics. What do you owe? When is it due? What will the IRS do if you don’t pay?
  • Financial Evaluation: Can you afford to settle your debt? Take a look at your finances. Figure out what you can afford to pay.
  • Communicate with the IRS: Proactive communication is paramount. Contact the IRS to discuss payment options, request installment plans, or explore viable resolutions.
  • Seek Professional Support: Dealing with IRS debt complexities warrants professional assistance. Partnering with experts, like Ben Butterfield at BPB Tax Resolution, ensures comprehensive guidance and negotiation with the IRS on your behalf.
  • Timely Action: Swiftly respond to the CP504 notice to mitigate further enforced collection actions.
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How BPB Tax Resolution Can Assist

At BPB Tax Resolution, we specialize in aiding individuals facing IRS tax challenges. Our seasoned team, led by Ben Butterfield, offers personalized advice, IRS negotiation, and resolution strategies tailored to your specific circumstances.

Don’t fight the IRS alone.

Act now to resolve your CP504 Notice.

Call now for a risk-free consultation!