Did You Receive a Notice From The IRS?
Know Your Options. Protect Your Rights.
If you owe more than $10,000 and have have questions about an IRS Notice, contact us to learn how we can help.
or call (888) 725-5725
IRS Notice CP14: What It Means
Most letters from the IRS don’t bode well – but IRS Notice CP14 is an exceptionally notorious example, as it means that the IRS has found that your tax account currently has a balance due with the federal government.
It will wait for a response. For the IRS, the best-case scenario is that a taxpayer receiving the notice will pay their due balance. You can do so via a mailed check, by visiting an IRS office, or, most conveniently, over the internet. No fuss, no muss, and you’re avoiding any potential penalties or interest rates that might otherwise be headed your way.
If you ignore the IRS Notice CP14 or wait too long, the IRS will begin applying pressure on your account by raising your debt with monthly penalties. The monthly penalty for failing to pay your owed taxes by the due date is 0.5 percent, up to a cumulative 25 percent after fifty months. If you’re late by even a few days, that first 0.5 percent will apply. In addition to penalties, your tax debt will begin to incur interest.
IRS Notice CP504: What It Means
A CP504 notice follows a CP503 notice. Unlike the CP503 notice, a CP504 notice is urgent. This notice lets taxpayers know that the IRS intends to levy against the taxpayer’s assets. If no action is taken, the IRS can seize just about anything you own 30 days after the date of the CP504 notice.
IRS Notice CP90: What It Means
The receipt of a CP90 notice will require urgent action. A CP90 notice is a notice of intent to levy. The IRS is letting you know that they plan to take your assets and property. If you fail to respond in the correct way with the correct forms, the IRS can seize 90% of your wages and bank account balances.
If you’ve received the notices above or any other notices you have questions about call us at (888) 725-5725 today and we can help diagnose your situation a help provide the correct path forward.
The Rockwater Advantage
Experts in dealing with IRS Tax Issues for Businesses and Individuals
increase in gross IRS collection activity for both businesses and individuals over the last five years.
of Offer In Compromise requests were denied over the last two years.
is how much the average taxpayer has seen their dollar amount reduced after appealing an audit.
increase in the number of bank account levies issued between 2019 and 2020.
Let a Trusted Partner Help You.
Failure to act is the worst possible response when dealing with the IRS. Don’t think they will forget about you if you keep quiet. Almost everything is negotiable, including back taxes. With decades of experience working with the IRS and every State, Rockwater Associates is your best hope of reaching a better deal. We have successfully helped thousands of people just like you overcome their tax problem: both small and large.
How Can We Help You?
Rockwater’s team of trusted and experienced Enrolled Agents will act as the first point of contact on your behalf in all tax matters with the Internal Revenue Services (IRS) and State taxation authorities. You will be a trusted partner who will collaborate with the Enrolled Agent assigned to your case. We believe that frequent and transparent communication during all phases of your representation will be the key to produce the best experience and results for you.
It is possible to negotiate with the IRS by yourself, however, why spend the time doing it yourself when you can have a dedicated, experienced trusted adviser handle it for you? Especially if you owe more than $10,000 or you’re facing a tax audit.
Rockwater Associates can make a formal request detailing responsible cause can be made to the taxing authorities to reduce or eliminate your tax penalties on your liability. A First Time Penalty Abatement allows a first-time non compliant taxpayer to request abatement of certain penalties for a single tax period. The IRS will also consider forgiving late payment, late filing, and accuracy-related penalties based on reasonable cause. So, you’ll have to explain what circumstances led to the late filing, payment, or inaccuracy of your return (and there’s a high standard).
An Installment Agreement (IA) allows a taxpayer to pay off their balance over a period of time, typically ranging from 6 months up to 10 years. Depending on the amount owed to the IRS or State tax agency, the period can vary. There are many types of Installment Agreements available to you and Rockwater works to determine the best option for you. We work with you to determine the amount of each monthly payment based specifically on your personal assets, property and other financial information before negotiating with the IRS/State taxing agency to achieve the best reoccurring payment plan possible for you.
If your wages have been garnished to satisfy outstanding back taxes owed to the federal or state governments and it has caused you financial hardship, Rockwater Associates can step in to help with the release process and halt continuing garnishments.
Tax liens can be very pesky – if you owe taxes to the IRS or State governments, you probably already know this. At Rockwater Associates, our experienced staff can help navigate the process to have your tax liens withdrawn.
A bank levy allows the IRS to levy – or withdraw – money from your bank account after attempting to contact you to obtain funds and sending first and final notices of intent to levy. Rockwater can immediately engage with you and quickly work to release the bank levy against your account.
When working with the IRS, it is almost certain that there will be disputes or discrepancies between them and taxpayers. In order to obtain a non-biased determination of a situation or decision made by the IRS, Rockwater Associates can assist you in exercising your appeals rights.
We can engage with The Office of Appeals, an independent organization of the IRS, that acts as a third party to help the IRS and us resolve disputes through an informal, administrative process.
If you are currently going through or about to be going through the 4180 Trust Fund Recovery Penalty (TFRP) interview, Rockwater Associates can step in and represent during all phases of the 4180 interview including prep, actual representation at the interview, and problem solving solutions after the interview.
CNC Status is a temporary protection against any and all enforcement action from the taxing authorities. To qualify for CNC Status, also referred to as hardship status or Status 53, a taxpayer must provide documentation showing the taxpayer cannot meet their basic obligations and cannot pay their taxes without seriously harming their standard of living.
Under CNC Status, the liability owed is removed from active collections and the IRS will wait for the taxpayer’s financial condition to improve. CNC Status is not a full resolution option – it is temporary.
Would you like to learn more about how our tax representation can get you or your business back on track?
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