A CP504 Notice is a final notice from the IRS that you owe taxes and must pay immediately. If you don’t make payment arrangements or contact the IRS, they will begin collection actions.
What is a CP504 notice?
A CP504 notice is a notice of intent to levy.
A levy is the IRS term for:
- Taking money out of your bank accounts,
- Garnishing your wages,
- Seizing business assets,
- Withholding Social Security benefits,
- Seizing your state income tax refund,
- Or taking other rights to property you have.
The IRS may also impose a tax lien on you.