HOW TO COMPARE CREDIT BUILDER APPS IN 2024

Taking Action to Prevent Asset Seizure and Resolve Unpaid Balances

Learn about the CP90 notice from the IRS, which notifies taxpayers of the intent to levy certain assets due to unpaid tax balances. Discover what steps to take within 30 days to prevent asset seizure and resolve the issue.

Receiving a CP90 notice from the IRS can be concerning, especially when it indicates the intent to levy certain assets due to unpaid tax balances. Understanding the implications of this notice and knowing how to take appropriate action is crucial. Let's explore what the CP90 notice entails and the steps you can take to prevent asset seizure and resolve unpaid tax debts.

What is the CP90 Notice?

The CP90 notice is issued by the IRS to inform taxpayers of their intent to levy certain assets due to unpaid tax balances. This notice serves as a final warning before the IRS takes further action to collect the outstanding debt.

Interpreting the Notice

Understanding the language and implications of the CP90 notice is essential for taking appropriate action to prevent asset seizure and resolve unpaid tax debts.

Why Did You Receive This Notice?

Receiving a CP90 notice indicates that the IRS has previously notified you of the issue with your account, but your balance remains unpaid. The IRS is now informing you of their intent to levy certain assets to satisfy the outstanding tax debt.

Steps to Resolve the Issue

Taking prompt action is crucial when you receive a CP90 notice to prevent asset seizure and resolve unpaid tax debts.

1. Review the Notice: Carefully read the CP90 notice to understand the specific assets that may be subject to levy and the steps you need to take within 30 days.
2. Respond Within 30 Days: It's essential to take action within the 30-day timeframe provided in the notice. Failure to respond could result in the IRS proceeding with asset seizure.
3. Contact the IRS: If you believe there has been a mistake or if you need assistance in resolving the unpaid tax debt, contact the IRS promptly to discuss your options and seek clarification.
4. Explore Payment Options: The IRS may offer payment options, such as installment agreements or offers in compromise, to help you resolve the unpaid tax debt and prevent asset seizure.
5. Seek Professional Assistance: Consider consulting with a tax professional who can provide guidance on how to navigate the resolution process and negotiate with the IRS on your behalf.

‍

Conclusion

Receiving a CP90 notice from the IRS can be daunting, but knowing how to respond is crucial for preventing asset seizure and resolving unpaid tax debts. By taking prompt action and exploring available payment options, you can address the issue and avoid further financial consequences.

‍