by Irs Tax Settlement

Created on: December 01, 2010

Information about CP297 - Notice of Intent to Levy & Notice of Your Right to a Hearing


The CP 297 IRS Notice "Notice of Intent to Levy and Notice of Your Right to a Hearing" is definitely feared. The IRS mails this notice out to you as a last resort. Notice CP 297 from the Internal Revenue Service warns you that a Tax Levy, like a Bank Levy or Wage Garnishment, is inevitable if you do not take action fast to pay your IRS tax debt.

Reasons Why the IRS Delivers to You CP297

The IRS doesn't deliver CP297 unless they have sent you previous IRS warning documents in the past. Without repayment of what you owe voluntarily, the IRS won't have any choice but to claim the funds due to them by force using a tax levy. They also explain your rights to appeals. If you don't take action immediately when you receive CP-297, the IRS may garnish your paycheck or levy your checking and savings accounts. If you neglect your tax debt long enough, not even your property will be safe.

Understanding CP-297

IRS Notice CP-297 is mailed to inform you that the IRS intends to place a tax levy against you to collect on the tax debt you owe to them. Any payments you obtain can be taken by the IRS where a levy is concerned, including your SSI. Nothing is safe from an IRS Levy, not your house, vehicles, pay, commissions, or work-related property. This document is also notifying you that the IRS has it within their power to issue a Federal Tax Lien if they haven't done so already. Think of a Tax Lien as a proverbial red flag on your credit, destroying your chances at getting ahead because you cannot do anything concerned with credit.

What Steps Should I Take When I Receive Notice CP 297 from the Internal Revenue Service?

CP297 can be settled. It's unfair for the IRS to require that you pay them in full if there isn't any way you can make the payments without neglecting your other monthly obligations. Dependent on your case, you may be able to make small monthly payments or resolve your IRS tax debt fully by way of an Offer in Compromise (OIC).

When Am I Required to Pay What I Owe?

The IRS will expect to have payment of the past due tax immediately. However, the IRS does give you a 30-day time frame to pay them.

Repercussions of Ignoring the IRS

In the instance that you decline to make plans to repay the IRS, there exist many techniques the IRS will try to recover money from you by force. First off, expect to receive a pay cut IRS-style with the dips into your wage, claiming a percentage for their pockets before the money even reaches you. Not even your savings or checking accounts are protected. The IRS can enforce a levy on your bank to seize all of the resources in your bank account all at once. The following and often effective method for collecting on the tax debt owed is a Tax Lien, which the IRS uses to legally claim your personal belongings as security of satisfaction for your tax debt.

Fighting CP297

In some unusual instances, the IRS is incorrect and mailed the CP 297 Notice when you actually don't owe them anything. You have the right to an Appeal Collection Due Process Hearing, but you need to take action within 30 days and you better have evidence to back your claims. Whatever you choose for taking care of your  IRS tax debt matter, it is wise to have a tax specialist in your corner to help you take care of your tax debt problems.

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