CP 501 Or CP 502 – Reminder Of Balance Due
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The CP 501 oe CP 502 are initial requests before the CP-503 and CP-504 are issued. You are in notice status now. There is probably no enforced collection action yet. What a great time to plan for your resolution with this site!
The first letter that you will receive as a reminder of balance due is the CP 501. This should alert you that the IRS is making an attempt to collect the unpaid balance due. The letter should have a calculation of penalties and interest added to the original balance. Many times this is not the correct balance. To get the correct balance, an IRS employee must log on to the IRS computer system and make sure that it is updated for penalties, interest, payments you made, etc. The letter will provide details about the money that you owe them and the tax period for which the money is due.
The CP 502 is the second letter that the IRS will issue if you do not make the payment for the balance due after you have received the CP 501. The second letter is generally more threatening than the first letter. Additional interest and penalties will have accrued, The longer you wait to make the payment, the larger the outstanding balance will be.
Both CP 501 and CP 502 are letters that inform the taxpayer about the amount of tax that you still owe to the Service.
In both these letters, the IRS will request that you make payment. Please call us at 713-774-4467 the help you plan a strategy or repayment, or the resolve an incorrect balance.
Documents That May Be Enclosed With the CP 501 Or CP 502
What you should know about the IRS collection process (Publication 594)?
- Information about your notice, penalty and interest (Notice 746).
- Privacy Act Notice (Notice 609).
- Aviso De Posible Comunicacion con Tercera(s) Persona(s) {Notice 1219B(SP).}
- Notice of Potential Third Party Contact (Notice 1219B).
- If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
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