| The IRS or Internal Revenue Service is the | | | | less than $5000. Secondly, the law grants that the IRS |
| enforcement and tax collection agency of the | | | | must follow due process in the collection of a tax |
| Treasury Department of the USA. It goes without | | | | liability. Therefore, The IRS must send the Final Notice |
| saying that there are harsh penalties and fines for tax | | | | of Intent to levy and Notice of Your Rights to a |
| evaders, even sometimes honest taxpayers find IRS | | | | hearing 30 days or more prior to issuance of the levy. |
| Tax Notice. This may be because they have either | | | | Additionally, if the Statute of Limitations on a tax debt |
| underpaid or overpaid their taxes. | | | | expires, then the IRS must stop collecting from the |
| IRS computers issue CP2000/CP2501 notices when | | | | owner of the property. |
| they think that a tax return omits taxable income or | | | | In the event that a taxpayer has appealed the levy |
| overstates deductions usually, mortgage interest. A | | | | unsuccessfully via a Collection Due Process hearing, |
| CP2000 notice proposes a balance due and a CP2501 | | | | an additional 30 days is given, during which time the |
| notice only identifies problems, without stating a | | | | taxpayer may continue his/her appeal with the US |
| balance due. | | | | Tax or Federal Court. |
| If you obtain a letter or notice from the IRS, it will | | | | The IRS must release an IRS wage levy once an |
| explain the reason for the correspondence and | | | | agreement is made with the taxpayer that their back |
| provide instructions. Many of these letters and notices | | | | tax liability is not collectible. |
| can be dealt with simply, without having to call or visit | | | | Additionally, should a taxpayer have filed an Offer in |
| an IRS office. The notice you receive covers a very | | | | Compromise prior to the assessment of the IRS Tax |
| specific issue about your account or tax return. | | | | Levy, the IRS cannot legally levy the property of the |
| Generally, the IRS will send a notice if it believes you | | | | taxpayer, as long as the decision to either accept, |
| owe additional tax, if there is a question about your tax | | | | reject, or return the Offer is still pending, and for 30 |
| return or a need for additional information. | | | | days after the decision has been made. For this |
| Know your rights | | | | reason, as well as the variety of options and |
| If you have received IRS tax notice, you need not to | | | | opportunities for payment under an Offer in |
| be panic. Better to know your rights. Firstly, the IRS | | | | Compromise, it is advised for an individual with |
| cannot assess a lien on the owner's residence if | | | | outstanding tax debt to consider filing an Offer before |
| amount of funding the IRS requires from the levy totals | | | | the IRS resorts to levying the property. |