CP501

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  • Refundtalk
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    @admin
    #2151

    The IRS uses Notice CP501 to remind you of past due taxes. The situation is not urgent but should be corrected immediately.

    The IRS will next send you a Notice CP503. The final notice is a Notice of Intent to Levy (CP504).

    Don’t call the IRS until you get legal advice. There may be several different IRS processes involved which require different strategies. Don’t be rash. Do some investigation. You must carefully prepare your case prior to any IRS contact.

    If you owe a small amount the IRS may simply divide the amount you owe by 72 months (the length of bankruptcy) and that amount will be your monthly payment.

    But if you can’t pay, the IRS will want you to complete Form 433-A or Form 433F to disclose your income & assets. Either one is acceptable for the IRS (not both). These forms must be completed in the manner approved by the IRS or you will be rejected & the IRS will enforce collection. Realistically, no one but you can prepare these forms because you have access to all the information.

    Use the thread below to discuss IRS CP501’s. Connect with others that have received a CP501 and keep us updated on what you find out!

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