IRS Tax Notice – CP 503
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The CP 503 is the letter that the IRS will issue to you if you fail to respond to the first two letters that you have received from them, (the IRS can skip letters if they feel they need to make a quick jeopardy assessment). This again informs you of the money you owe. The CP 503 will ask you to make payment for the tax amount that is due within ten days. They will also say that if you fail to make the payment within the time stipulated, they will take enforcement action.
If you have received the CP 503 notice, it means you may have ignored the initial tax bill, CP-14, the IRS skipped the CP-501 and CP-502 notices, you received those notices prior to the CP 503, or your case is back in collections after being declared “currently not collectible” for a while. If you owe for more than one tax period, you will receive this notice even if you made arrangements to make installment payments, or you have been placed in a “hardship” status. It will say on the face of the notice to ignore this notice if you have entered into an installment agreement or paid the balance. Unless you feel comfortable that you have filed all your tax returns, and either paid or made arrangements to cover each balance that you owe, I would never ignore any IRS notices. Call us at 713-774-4467 to get help with all your IRS issues.
Responding To CP 503
The CP 503 is the third letter that the Service sends to the taxpayers when they fail to pay the tax money to the IRS. If you know that the period on this letter is part of an appeal or an offer in compromise that has been accepted for processing, or an agreement with the IRS collection division, then you can ignore it. Never leave an outstanding balance for a period, year, etc. “unattended” unless you are O.K. with any enforced collection action that the IRS takes.
In the CP 503, the IRS will state that if you do not make the payment for the amount that you owe to them, the balance due will continue to increase because of compounded interest and penalties. You will find the word ‘IMPORTANT’ in this letter and it will request you make the payment immediately. Of course, you have until 30 days after the CP 504 (the next letter in the series) is issued.
If you have received CP 503, we still have time to plan our approach for resolution to your IRS issues. Or you can read the “free advice” tab on this site for more resolution information.
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