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  • Refundtalk

    The IRS uses Notice CP523 to inform you that your installment agreement has defaulted and they intend to levy against your assets. The explanation for why the agreement has defaulted may be vague but it is usually because you missed a payment or owe other taxes. It could also be because you have unfiled tax returns or your payment to the IRS bounced. Notice CP523 for Individuals is virtually the same as Letter 2975 sent to Businesses.

    This notice is serious because once you default, the IRS will look more closely at you. After thirty days they can immediately seize your wages and property which will be easier for them to find since you likely disclosed the information to them when you originally set up the installment agreement.

    Quick action will be necessary to avoid levies. The IRS will not send any more letters and won’t tell you when they will seize your property.

    Usually, you must complete Form 433-A or Form 433F to disclose your income & assets.

    You must be wise and explore your options. You could try to re-enter the installment agreement (Letter 3127C) or file bankruptcy, if advisable. It is usually not recommended to file an IRS Appeal because you can resolve this problem through normal channels of IRS contact. There’s no sense in extending the statute of limitations with an Appeal.

    Use the thread below to discuss IRS CP523’s. Connect with others that have received a CP523 and keep us updated on what you find out!

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