A CP523 notice will not be the first time you’ve dealt with the IRS.

In fact, you need to first have an installment agreement with the IRS in order to receive one.

It is a cause for concern, however.

Why Am I Getting a CP523 Notice?

You are getting a CP523 notice because the IRS considers you in default on your installment agreement.

Missing a payment is one way to be considered in default, but there are other reasons as well. If you have an installment agreement with the IRS and have a new balance due, or haven’t filed a tax return, you may also be considered to be in default.

What is the CP523 Telling Me?

The CP523 is informing you of the IRS’s intention to terminate your installment agreement and seize your assets. They can file a federal tax lien against your social security number, levy your bank accounts and garnish your wages in order to satisfy your debt.

Sounds harsh, right?

Take a deep breath.

There are ways to get back on track should you receive this notice.

What Do I Do?

On the notice, you will see a termination date for your installment agreement. (Generally, 30 days from the date of the notice).

You can make the missing payment by that date in order to keep your agreement in place.

You may also be able to reinstate your agreement by contacting the IRS. Be aware that there may be a fee involved in order to do this.

You can also contact an Enrolled Agent (EA) to contact the IRS on your behalf.

Whatever you do, make sure you respond before the termination date.

Know Your Rights

You do have the right to appeal if you don’t agree with the IRS on the reason they are terminating your agreement. Once again, the help of an experienced EA is priceless. An EA can tell you if you have a case and what your next steps should be (and again, approaching the IRS on your behalf).

The Last Word

It can be scary to get any notice from the IRS, let alone one that uses the words “seize” and “levy” together with “your assets.” However, with a CP523, you do have options to righting things with the IRS and preventing a big mess. Don’t delay… take those steps right away!

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as an Enrolled Agent and a Certified Tax Resolution Specialist.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
For more on SFS Tax & Accounting Services, visit http://sfstaxacct.com/
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