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You Defaulted on Your IRS Installment Agreement: CP 523, Notice of Intent to Levy

Posted by Brandon Keim | Oct 29, 2021 | 0 Comments

If you receive a notice from the IRS telling you that the agency intends to terminate your installment agreement and levy or seize your assets, it's frightening. But it's important not to panic. While you will need to act quickly to prevent this from happening, you do have options. A skilled tax attorney can give you sound advice on the best path forward.

What is a CP 523 Notice?

CP 523 notice from the IRS informs you that the IRS intends to end your installment agreement and levy your assets, including bank accounts and wages. If you've defaulted on a payment agreement you entered with the IRS to pay a balance due, you will receive this notice. 

In some cases, you may also receive a CP 523 notice if you've applied for a passport or applied to renew a passport. The Fixing America's Surface Transport (FAST) Act prevents the State Department from issuing or renewing passports for taxpayers with delinquent tax debt.

 What Should I Do if I Receive a CP 523 Notice?

If you receive a CP 523 notice, you need to read it carefully. You will only have 30 days to contact the IRS and attempt to resolve the issue, but you should contact them as soon as possible. If you disagree with the notice, you have the right to appeal, but you should contact a tax attorney to help resolve the issue quickly and efficiently.

Why Do I Need a Tax Attorney?

IRS notices can sound scary. But you always have options. Moreover, you may still be able to reinstate your original payment plan. An experienced tax attorney can advise you on your options and help you negotiate with the IRS.

If you get a CP 523 notice from the IRS notifying you that they intend to levy your accounts, you need a skilled tax attorney as soon as possible. A professional can review your case and the underlying tax issues and recommend your best way forward. If you need help, call Senior Partner, Tax Controversy Attorney, and former IRS attorney Brandon A. Keim at (602) 200-7399 or contact him online to discuss your options.

About the Author

Brandon Keim

A Certified Tax Law Specialist, CPA, partner at Frazer Ryan Goldberg & Arnold LLP, and former Senior IRS Trial Attorney, Brandon Keim holds an LL.M. in Taxation from Georgetown University Law Center.

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The act of visiting or communicating with Brandon A. Keim via this website or by email does not constitute an attorney-client relationship. Communications from non-clients via this website are not subject to client confidentiality or attorney-client privilege. Further, the articles, discussion, commentary, forms and sample documentation contained in this website are offered as general guidance only and are not to be relied upon as specific legal advice. For legal advice on a specific matter, please consult with an attorney who is knowledgeable and experienced in that area. Attorneys listed in this website practice only in the jurisdictions in which they are admitted. This website is governed by the Arizona Rules of Professional Conduct.

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