CP-297 "Notice of Intent to Levy & Notice of Your Right to a Hearing" is definitely feared. If you have been sent the CP 297 IRS Notice in the mail, you may have dismissed many of the IRS' past tries to get hold of you. Now they are informing you via IRS Notice CP 297 of their intention to issue a tax levy on you and are warning you of your legal right to a hearing as required by federal law.

The Purpose Behind Issuing Notice CP297 from the IRS

CP 297 is towards the end of an extended line of IRS warnings that you may not have obtained or that may have gone overlooked. The CP-297 IRS Notice warns you about the IRS tax debt needing to be satisfied before they issue a tax levy on you. CP-297 also gives you the choice to refute your tax debt, in case you believe it is incorrect. The key is to work quickly if you would like to retain your paycheck and the monies in your banking institution protected from IRS Levies. If you ignore your tax debt long enough, not even your assets will be safe.

The CP-297 IRS Notice Simplified

The IRS needs you to recognize that a tax levy is certain if this tax notice is brushed aside. From social security funds to your earnings, no monies you are given are protected from a tax levy when you owe the IRS and you have been given Notice CP 297 by the IRS. Nothing is safe from an IRS Levy, not your house, cars or trucks, salary, commissions, or business assets and tools. CP-297 also advises that a Tax Levy is coming. This is actually a significant hit to your credit score, hurting your capability to do anything involving credit.

Take A
ction with IRS Notice CP-297

The IRS wants you to pay off the complete amount of Tax Debt that is disclosed on CP-297. If you cannot pay the full amount with 1 lump sum, you may need to seek a tax debt resolution specialist to find a way to negotiate an alternative approach for settling your debt that does not include full payment. It's encouraged that you seek out a 2nd opinion from a tax debt resolution firm or specialist. They might find a technicality that might allow you to make monthly payments or even reconcile your total tax debt for less.

What's My Time Frame for Paying Back the IRS?

The Internal Revenue Service will expect payment of the delinquent tax immediately. But the IRS does give you a 30-day time frame to repay them.

Consequences of Not Submitting IRS Payments

If you opt not to acknowledge the warnings the IRS gives you in IRS Notice CP-297, they will proceed with force. When the IRS takes a percentage of your earnings directly from your paycheck, it may be hard to cover your monthly bills and feed your family. You can say bon voyage to all that you've earned. The IRS has no hesitations about seizing that cash to pay for the debt you owe the IRS. As previously mentioned, yet another major issue to count on is a Tax Lien, which is inevitable if .

Refuting CP-297

The IRS can slip up from time to time, and this notice may have been delivered to you in error. You have the right to an Appeal Collection Due Process Hearing, but you need to act within 1 month and you must be prepared with evidence that back your claims. If you opt to take advantage of a collections appeal, have an attorney or other tax pro examine your situation to assure your success.