Thursday, July 4, 2024
Colorado Springs: What Exactly is the IRS Collections Process?
Wednesday, June 12, 2024
Colorado Springs: Why am I in IRS Collections?
Have you failed to pay your tax liability? The IRS will initiate a series of steps to collect the owed amount. Initially, you are sent a series of notices, starting with a CP14, which informs you of the balance due. If you do not respond or make arrangements to pay, the IRS escalates the matter by sending additional notices, such as the CP501 and CP503, which serve as reminders and warnings of potential collection actions.
If you continue to ignore these notices, the IRS may issue a CP504, which is a final notice of intent to levy and a notice of the taxpayer's right to a hearing. This notice indicates that the IRS is preparing to take more aggressive collection actions, such as garnishing wages, levying bank accounts, or seizing property.
In some cases, the IRS may assign the debt to a private collection agency. This typically happens when the IRS has exhausted its internal collection efforts. The private agency will then attempt to collect the debt on behalf of the IRS, although this approach has been criticized for its inefficiency and the undue stress it places on low-income taxpayers.
Throughout this process, it is crucial for you the taxpayer to respond promptly to IRS notices and seek professional assistance if needed to avoid severe financial repercussions.
Wednesday, August 2, 2023
Colorado Springs: Has Your Back Tax Debt Expired?
Cash Tracks Financial of Colorado Springs
Marcelino Dodge, EA
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
www.cashtracksfinancial.com
success@cashtracksfinancial.com
Friday, June 23, 2023
Colorado Springs: How Can I Deal With Federal Tax Lien?
Colorado Springs: Does Your Tax Professional Have the Right Ingredients?
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