IRS Tax Notices Help, Settlements – Notice CP-501
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The IRS Collection Process.
Once a taxpayer or business owes funds to the IRS it sends out a series of collection notices. These notices are CP-14. Notice CP-501, Notice CP-503, Notice CP 504. Each of these notices go out in a 5 week billing cycle.
You must make sure you call IRS early on in the process to stop enforcement action. If you do not respond to the IRS after the CP 504 you can expect a bank or wage levy coming your way.
The CP-501
Notice is a first bill notice simply letting you know that money is owed to the IRS. The IRS will give you a pay of date to pay the tax. It is best if you have the funds to pay the tax off in full.
The second notice you will receive is the CP 501
The CP-501.
The Bill will look just like this.
Reading your notice
Your notice may look different from the sample because the information contained in your notice is tailored to your situation.
Notice CP501, Page 1
Notice CP501, Page 2
Notice CP501, Page 3
Notice CP501, Page 4
