CP-297 - Notice of Intent to Levy & Notice of Your Right to a Hearing
The CP-297 IRS Notice "Notice of Intent to Levy & Notice of Your Right to a Hearing" is well known. If you've gotten Notice CP-297 from the IRS in the mail, you may have disregarded a few of the IRS' prior efforts to get in touch with you. Now they are alerting you via CP297 that they intend to apply a tax levy on you and are notifying you of your right to a hearing as mandated by government law.
Why the IRS Delivers to You CP-297
The IRS uses IRS Notice CP297 to say that cash is due to them and that they've previously requested that you pay off your tax debt fully. If you do not pay your debt of your own accord, the IRS won't have any choice but to take the cash due to them by force using a tax levy. The CP-297 IRS Notice also affords you the choice to refute your debt, should you believe it is incorrect. The secret is to take action immediately if you are looking to keep your income and the cash in your bank account protected from IRS Levies. Do not disregard this form, as a tax levy will be unavoidable.
Breaking Down the CP297 IRS Notice
Brushing aside this notice isn't an option if you are looking to to steer clear of a tax levy. The IRS can seize any payments you are given where a levy is concerned, even your SSI. Nothing is safe from an IRS Levy, not your home, automobiles, income, business earnings, or company-related resources. CP-297 also advises that a Tax Levy [http://www.irs-gov-debt.com] is about to be implemented. A Tax Levy can be a substantial blow to your financial circumstances or belongings, but a Tax Lien hurts you even more personally by damaging your credit score and rendering it almost unachievable to sell your home or any other belongings.
What Steps Should I Take After I Get CP297?
The IRS expects you to pay off the full amount that's specified on CP297. It's unjust for the IRS to demand you to pay them in full if there isn't any way you can make the payments without neglecting your other financial responsibilities. It is suggested that you get another opinion from a tax debt relief business or expert. They may discover a technicality that will allow you to make monthly payments or even settle your entire tax debt for less.
When Am I Required to Pay What I Owe?
It is in your best interests to contact the IRS or pay off your debt right away. But the Internal Revenue Service does grant you a 1-month time frame to pay them.
Repercussions of Neglecting the IRS
If you decline to make preparations to repay the IRS, there are quite a few ways the IRS can try to recoup money from you by force. First things first, expect to receive a decline in pay with the IRS dipping into your pay, confiscating a portion for their pockets prior to the money even reaching you. Not even your checking or savings accounts are safe. The IRS can utilize a levy on your bank to take over all of your bank account funds in one swoop. As previously stated, yet another big dilemma to count on is a Tax Lien, which is bound to happen if you owe the IRS.
What if I Disagree with or Have Already Satisfied My IRS Debt?
You might not agree with the IRS tax debt amount the IRS claims you owe. If you feel that you're right and the IRS is wrong, you can try an Appeal Collection Due Process Hearing as detailed in CP297, but you must take action within the due date in the form. If you decide to take advantage of an appeal, have a tax attorney or other tax pro examine your circumstances to assure your success.
Why the IRS Delivers to You CP-297
The IRS uses IRS Notice CP297 to say that cash is due to them and that they've previously requested that you pay off your tax debt fully. If you do not pay your debt of your own accord, the IRS won't have any choice but to take the cash due to them by force using a tax levy. The CP-297 IRS Notice also affords you the choice to refute your debt, should you believe it is incorrect. The secret is to take action immediately if you are looking to keep your income and the cash in your bank account protected from IRS Levies. Do not disregard this form, as a tax levy will be unavoidable.
Breaking Down the CP297 IRS Notice
Brushing aside this notice isn't an option if you are looking to to steer clear of a tax levy. The IRS can seize any payments you are given where a levy is concerned, even your SSI. Nothing is safe from an IRS Levy, not your home, automobiles, income, business earnings, or company-related resources. CP-297 also advises that a Tax Levy [http://www.irs-gov-debt.com] is about to be implemented. A Tax Levy can be a substantial blow to your financial circumstances or belongings, but a Tax Lien hurts you even more personally by damaging your credit score and rendering it almost unachievable to sell your home or any other belongings.
What Steps Should I Take After I Get CP297?
The IRS expects you to pay off the full amount that's specified on CP297. It's unjust for the IRS to demand you to pay them in full if there isn't any way you can make the payments without neglecting your other financial responsibilities. It is suggested that you get another opinion from a tax debt relief business or expert. They may discover a technicality that will allow you to make monthly payments or even settle your entire tax debt for less.
When Am I Required to Pay What I Owe?
It is in your best interests to contact the IRS or pay off your debt right away. But the Internal Revenue Service does grant you a 1-month time frame to pay them.
Repercussions of Neglecting the IRS
If you decline to make preparations to repay the IRS, there are quite a few ways the IRS can try to recoup money from you by force. First things first, expect to receive a decline in pay with the IRS dipping into your pay, confiscating a portion for their pockets prior to the money even reaching you. Not even your checking or savings accounts are safe. The IRS can utilize a levy on your bank to take over all of your bank account funds in one swoop. As previously stated, yet another big dilemma to count on is a Tax Lien, which is bound to happen if you owe the IRS.
What if I Disagree with or Have Already Satisfied My IRS Debt?
You might not agree with the IRS tax debt amount the IRS claims you owe. If you feel that you're right and the IRS is wrong, you can try an Appeal Collection Due Process Hearing as detailed in CP297, but you must take action within the due date in the form. If you decide to take advantage of an appeal, have a tax attorney or other tax pro examine your circumstances to assure your success.