After coming to an installment payment plan agreement with the Internal Revenue Service (IRS), taxpayers have to keep an eye out for any issues with payments not going through. If the IRS does not receive a monthly payment as expected under the agreement, the IRS may immediately issue a CP 523 notice of intent to terminate the agreement and seize assets.
If you received an IRS CP523 Notice in Maryland, contact Juda Gabaie at Gabaie & Associates, LLC for help.
What is an IRS Notice CP523?
The CP523 Notice informs taxpayers of the IRS' intent to terminate the installment agreement and seize assets. This occurs when the taxpayer has defaulted on the payment agreement. If you do not contact the IRS or payment is not received, the IRS may levy or seize property or rights to property, including:
- Wages, real estate commissions, and other income,
- Bank accounts,
- Business assets,
- Personal assets, or
- Social Security benefits.
After Receiving a CP523 Notice from the IRS
After receiving a CP523, you should contact your reliable tax attorney or contact the IRS at the phone number listed on the notice. If you contact your tax lawyer, your attorney will be able to advise you of the notice, what actions to take, how much time you have to respond, and the best course of action.
The notice should provide a date to respond by, generally no later than 30 days from the date of the notice. Failure to respond in time can result in a levy to your accounts and property.
Problem With the Payment
There may have been a mistake or clerical error with the payment. If the payment was supposed to go through but there was some problem with mailing the payment or processing the payment, you may be able to contact the IRS and resolve the issue.
Cannot Make the Payment
If you cannot make the payment, you may be able to negotiate the installment plan agreements or make other payment plans. Your tax attorney may be able to negotiate on your behalf and provide supporting evidence for reducing your tax liability or amending the payment plan.
Do Not Agree With the Notice
If you do not agree with the notice to terminate the installment agreement or have already corrected the payment issue, you should still respond to make sure the IRS will not continue with the plan to seize your assets. Your tax attorney can deal with the IRS if you have a disagreement with the notice, payment plan provisions, or any lien or levy on your property.
Questions About Your IRS Tax Notice
If you received a Notice CP523 from the IRS and have questions or concerns before making a call to the IRS, contact Gabaie & Associates, LLC for a free consultation. You can contact Juda Gabaie online or call (410) 862-2198 for help with your IRS or Maryland tax issues.