CP 523 – Notice Of Intent To Levy – Defaulted On Installment Agreement

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DP 523 – This notice is sent warning you that you are in default of your arranged installment plan and the IRS is planning to levy your assets.  This is serious and you need IRS expertise. Contact Form

When you receive a CP 523 notice…

This means that you have failed to make a payment on the formerly arranged installment agreement and now the IRS intends to levy your assets. Basically, this is a notice that you will receive if you do not follow the terms of the IRS installment agreement and now you are in default status. When you look at the CP 523 form, you will find the reason for the default, and it will state that the Internal Revenue Service or IRS intends to levy, and what you can do about it.

The CP 523 notice will also state what kind of rights you have and what measures you can undertake to prevent the levy on your assets. Basically, the CP 523 notice is a notice that has been sent to you because the IRS is canceling the installment agreement. You will find the reasons why the IRS intends to terminate the installment agreement. Some reasons are…

  • You did not file your tax return.
  • You have a new balance that was assessed .
  • You have missed a payment.

While the CP 523 notice is not something that people look forward to, there is nothing you can do to stop the IRS from sending it to you. This is actually an official termination of your installment agreement.

The CP 523 notice will also state what kind of rights you have and what measures you can undertake to prevent the levy on your assets. Basically, the CP 523 notice is a notice that has been sent to you because the IRS is canceling the installment agreement. You will find the reasons why the IRS intends to terminate the installment agreement. Some reasons are…

  • You did not file your tax return.
  • You have a new balance that was assessed .
  • You have missed a payment.

While the CP 523 notice is not something that people look forward to, there is nothing you can do to stop the IRS from sending it to you. This is actually an official termination of your installment agreement.

Some of the documents that the IRS may send to you along with the CP 523 notice are:

  • Notice 1219B, Notice Of Potential Third Party Contact
  • Notice 1219B(SP), Aviso De Posible Comunicacion Con Tercera(s)Persona(s)
  • Notice 609, Privacy Act Notice
  • Notice 746, Information About Your Notice, Penalty And Interest
  • Publication 594, What You Should Know About The IRS Collection Process

Remember, the IRS must receive your payments by their due dates. All taxes that you incur need to also be paid on time. Not a day late or a dollar short. In the past they used to break your agreement and levy your account. Now, they give you about a week to straighten it out. Call us at 713-774-4467 and we will show you how to get and keep a binding installment agreement.

  • If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
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