FAQ

Commonly sent - IRS Notices

• CP 11 IRS Notice: Changes to Tax Return, Balance Due
  

• CP 14 IRS Tax Notice: Changes to Tax Return, Balance Due
  

• CP 23 Tax Notice: Changes Made to Estimated Total Tax
  

• CP 501 IRS Notice: Reminder of Balance Due
  

• CP 503 IRS Notice (Second Notice)
  

• CP 504 IRS Notice: Final Notice, Balance Due, Notice of Intent to Levy
  

• CP 521 IRS Notice: Installment Agreement Reminder Notice
  

• CP 523 IRS Notice: Notice of Intent to Levy, You Defaulted on Your Installment Agreement
  

• CP 90 IRS Notice: Final Notice of Intent to Levy & Notice of Your Right to a Hearing
  

• CP 91 IRS Notice: Final Notice Before Levy of Social Security Benefits
  
• CP 2000 IRS Notice: File doesn't match the information you reported on your tax return

(*link to irs.gov)

• *What can happen if I have a levy on my wages or bank account?

Can the IRS or State take my pay check?                                                 Yes, through a Wage Levy a large portion can be withheld and set to the IRS for payment of your tax bill. This can be devastating when it happens, but there is a solution, Genesis Tax Resolution can get the levy released and and arrange an agreement with the IRS /or State Taxing Authority based upon reviewing your entire case with regards to your tax debt and history as well as you current financial abilities to pay.      There is HOPE!

The IRS will usually levy only after these three requirements are met:

• They assessed the tax and sent you a Notice and Demand for Payment;
• You neglected or refused to pay the tax; and
• They sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy. Then may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested. Please note: if they levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.

If the IRS levied your bank account!
Your bank must hold the funds you have on deposit, up to the amount you owe, for 21 days. This holding period allows time to resolve any issues about account ownership. 

• After 21 days, the bank must send the money plus interest, if it applies, to the IRS. 

To discuss your case, you can call the IRS employee whose name is shown on the Notice of Levy, but you should now your options before you attempt to handle this on your own. Most bank levies are not released due to most tax payers don't meet the requirements, thus you need to know your options to deal with the entire matter of owing the IRS and cannot pay. 

Contact Genesis Tax Resolution to get a FREE Consultation so you can deal with the IRS effectively with a Team of Tax Professionals that know the IRS guidelines and can lead you through the process safely.

(*link to irs.gov)

• *Understanding a Federal Tax lien.

Can you get a tax lien released?                                                               Yes, there are ways to get your tax lien released, depending upon several aspects of your tax Debt and history, our Tax Professionals can review your specific situation and then present to you a plan of Action. It can be done!
The 'Fresh Start' implemented in 2012  increased the IRS Notice of Federal Tax Lien filing threshold from $5,000 to $10,000. Notices of Federal Tax Liens may still be filed on amounts less than $10,000 when circumstances warrant. The IRS will not retroactively apply the new $10,000 lien notice filing threshold and automatically withdraw a previously filed lien.

Wage and Bank Levies are Real! They can be devastating to you and your family.

Call 800-265-5267  or text 205-908-2157  for a FREE Consultation Now!
We Can Help!

We'll Have a Tax Professional Contact you at a convenient time so we can discuss your specific situation with NO obligation or commitment.
Your answers are only a click away, so make the move to solving the Tax Issues and get the 'stress' out of your life and sleep easier.

IRS or State letters can be confusing and when you don't respond promptly can lead to stiffer collections and penalties and interest added to your tax debt.

Internal Revenue Code

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(*link to irs.gov)

• *Understanding Your IRS letter.

I got a letter what does it mean?
Depending on the type of letter you received, some are information letters , others are very serious and need attention immediately.  Below we explain the most common letters received by taxpayers.

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office.

The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information.

Most common letters received, each has a 'Letter Number' some examples are:

• CP90
  
• CP90C
• CP91
• CP501
• CP504
• CP2000