Do you know the first thing about the CP 297A IRS levy notice? If you have received this notice in the past, you probably know a thing or two about it and the information included. On the other hand, many people don’t know the first thing about the notice and what it means to them. If you have recently received one of these notices, it is important to understand what it means and what actions must be taken on your part to prevent further troubles with the IRS.
What is this Notice?
A CP 297A is telling you that the IRS has issued a levy against federal payments due to you, including your salary, OPM retirement, contractor payments, or employee travel advantages. The reason for this is simple: you still owe money to the IRS and are not making a reasonable effort to pay it back. The IRS has issued a levy without the opportunity for a hearing because you requested a hearing sometime within the past two years.
What should I do next?
An IRS levy is serious business. If you receive this notice in the mail you need to take the proper steps. The best thing you can do is pay the amount that is due on your account. All you have to do is include payment in the envelope provided, and forward it to the IRS. Along with this, make sure you include a copy of the notice so that your account is credited. Those who do not have the money to pay in full can contact the IRS to discuss other payment arrangements. They can include an offer in compromise or an installment agreement. To appeal the levy, you need to file Form 12153, Request for a Collection Due Process or Equivalent Hearing.
What if I don’t pay?
Some people receive a CP 297A, just to put it on the back burner. If you don’t pay or contact the IRS to make arrangements, there are several things that can happen. As noted above, the IRS can use a levy against federal payments. Another option is a levy of property such as vehicles, bank accounts, real estate, business assets, or other income.
Once you receive a levy notice in the mail you need to move forward as quickly as possible. Don’t sit back, believing that you have a long time to respond. You should contact the IRS or pay your full balance as soon as possible. If you want to file Form 12153, you have 30 days to do so.
If you have any questions, there is a number on the CP 297A notice that you can call. Do not be afraid to contact the IRS. It is better to call with any questions than it is to make additional mistakes.
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