IRS CP14 Notice
Notice CP14 is the first letter you’ll receive from the IRS when you have a balance due for owed taxes. The notice will include basic information like the tax year or period for which you owe, the amount of taxes, due date, failure to pay penalty, and interest. It will also show the deadline for submitting your payment.
IRS CP501 Notice
If you fail to respond to Notice CP14 you might receive a Notice CP501. This is just another straightforward notice informing you that you need to pay your outstanding tax bill. It will contain the same information you received in the CP14 and a warning about what can happen if you don’t pay your tax debt.
IRS CP503 Notice
The CP503 Notice is typically the third notice you’ll receive in regard to owed taxes. If you’re a business, this may be the second notice of four. The letter basically restates the same information in the CP501 Notice. By sending multiple notices the Internal Revenue Service is establishing a record to show they did their due diligence in letting you know what you need to do to satisfy your tax liability before they take action on a levy.
IRS CP504 Notice
If you receive a CP504 Notice your situation has escalated to the point of seizure. IRS Notice CP504 lets you know the IRS intends to begin seizure unless you pay the amount due immediately. The notice also explains the denial or revocation of your United States passport. The FAST Act legislation prohibits the State Department from issuing or renewing a passport to a seriously delinquent taxpayer.
IRS Letter 1058
A Letter 1058 is your final notice to take action on remedying your tax liability before the IRS exercises its right to seize your assets through a federal tax lien. This letter is serious and should not be ignored. It’s the IRS letting you know that you officially have 30 days to respond appropriately.