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Kim Goldman
Los Angeles, California
Owed to IRS: $69,282
Only Paid : $17,905
Thankfully I came across redo tax. I was struggling with an IRS debt of about $69,000 and my life felt like it was spiraling out of control. I was just starting to pick up the pieces after the chaos of the pandemic and my divorce and I was barely surviving. The team here worked tirelessly to fix my situation and help pause collections from the IRS.
Junior Padilla
Albuquerque, New Mexico
Owed to IRS: $109,613
Only Paid : $1,434
Attorney Jason from ReDo Tax is my guardian angel. I had a few very bad years back in 2017 struggling with family matters and gambling problems. I was back on my feet back with back taxes and fees piling up without the know how or how to do it. The Attorney listened to my entire situation and reviewed each document with me, laid out all my options, and explained the cost to benefit each one and ended up resolving most of my tax debt.
Kevin Morant
Flint, Michigan
Owed to IRS: $19,409
Only Paid : $304
After letting my tax debt sit for several years, I tried to clear it myself. Needless to say, it was harder than I originally thought it would be. When I got on a call with Attorney Jason, I could already tell he was going to know the ropes much better than I did. We resolved the 19k I owed the IRS much quicker than expected with an offer in compromise. I couldn’t be happier with the process.
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CP503 Notice (What It Means & How to Pay)
So you’ve received a CP503 notice from the Internal Revenue Service (IRS). You may be feeling concerned or overwhelmed by the prospect of dealing with unpaid taxes.
But there’s no need to panic – you just need to understand what the CP503 notice means and how to respond. That’s what we’re here to do.
What is IRS Form CP503?
The CP503 notice is the second or further reminder from the IRS that you have outstanding taxes due.
The notice is not a bill but a formal notification from the IRS to allow you to pay an unpaid tax balance.
Understanding Your CP503 Notice
When the deadline to pay back your outstanding taxes is growing nearer, and the IRS has yet to hear from you about your CP14 notice, they will issue a CP503 notice. You should carefully review the document to understand the specifics of your situation.
It should contain the following information:
The amount you owe, including penalties and interest
The tax year(s) in question
Any payment deadlines
Instructions on how to respond or make a payment
Why You're Receiving a CP503
You are receiving a CP503 notice because you still need to respond to the IRS about your CP14 notice, which explains that you had an outstanding tax balance.
Common reasons you still owe taxes are as follows:
You failed to file a tax return or pay your taxes on time
You underreported your income or claimed incorrect deductions
You have unpaid taxes from a previous year
You have a balance due from a tax audit or examination
What You Should Do Now
With the CP503 notice, you need to act quickly. This is a more formal notice than other reminders the IRS may provide, and it means you are nearing the deadline before they take more severe measures.
Here are the steps you should take:
Review the notice carefully and verify the information
Assess what you owe and determine if you agree with the amount
Consult with a licensed tax attorney or CPA
Consider disputing the notice if you believe the amount is incorrect
How to Pay the IRS CP503
Paying your CP503 tax notice is easy and flexible. There are three main methods to do so:
Pay online through the Electronic Federal Tax Payment System (EFTPS)
Mail a check or money order with the payment voucher provided
Set up an installment agreement if you're unable to pay the full amount at once
Assess What You Owe
Before paying the amount listed, it’s important to double-check with your records that you do, in fact, owe the IRS the amount specified.
If you find some discrepancies, it is best to consult with a licensed tax attorney to resolve the situation to your benefit. They can help you navigate the process and ensure you're taking the proper steps to resolve the issue.
Consult With a Licensed Tax Attorney
While it's tempting to try to handle the situation on your own, consulting with a licensed tax attorney is crucial for avoiding any mistakes throughout the process.
Here are 3 things a licensed tax attorney can help with:
Review your notice and assess the situation
Help you understand your options and determine the best course of action
Represent you in front of the IRS, if necessary
When Do I Have to Pay My CP503 Notice?
The formal notification will outline the deadline for the IRS CP503 notice. Typically, this is within 10 days of receiving the notice.
You do not need to pay in full by this deadline, but you must at least contact them to make payment arrangements to avoid further complications and penalties.
The IRS is open to payment arrangements, such as installments, depending on your circumstances. Being cooperative, prompt, and accurate with your replies will give you the best chance of reaching an agreeable resolution.
If you miss the payment deadline, you may experience some of these 3 serious consequences:
Additional penalties: The most common form of penalty from the IRS is additional fines added to your tax bill. Failure to meet deadlines can lead to more of these fines.
Interest: Interest will continue to accrue on your outstanding tax debt, adding to the amount you owe.
Damage to Credit: While the IRS does not report to credit bureaus, they can take out liens on your property, which can hurt your ability to qualify for new credit accounts.
Frequently Asked Questions
Can I Pay My CP503 Notice Online?
Yes, you can pay online through the Electronic Federal Tax Payment System (EFTPS). The benefits of paying online include the speed of transfer and receiving a confirmation receipt.
What Happens After a CP503?
When you receive the notice, you’ll have a deadline to contact the IRS and pay back your taxes.
After you've paid your CP503 notice, the IRS will update your account, and the notice will be considered resolved.
What's the Difference Between CP501 and CP503?
A CP501 notice is a reminder from the IRS that you have an outstanding tax debt, while a CP503 notice is a formal notification that you have an unpaid tax balance, provided only after you have failed to respond to the CP501. If you fail to respond to these, you may receive the CP504, which outlines the IRS’s intent to levy your income or property.
Why Did I Get a CP503 If I Paid My Taxes?
If you've received an IRS CP503 despite having paid your taxes, it's possible that your return contained a discrepancy.
In this case, you should consult with a licensed tax attorney or CPA to resolve the issue. Contacting the IRS directly yourself in this circumstance is not recommended.
The Fastest Way to Resolve Your CP503 Notice
The fastest way to resolve your CP503 notice is to follow these steps:
Review the notice to verify all information contained within
Assess what you owe
Consult with a licensed tax attorney or CPA
Pay the owed amount or set up payments by installment
Hopefully this article helped you better understand your CP503 letter and allows you to take a clear plan of action to solving your notice.
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CP503 Notice (What It Means & How to Pay)
So you’ve received a CP503 notice from the Internal Revenue Service (IRS). You may be feeling concerned or overwhelmed by the prospect of dealing with unpaid taxes.
But there’s no need to panic – you just need to understand what the CP503 notice means and how to respond. That’s what we’re here to do.
What is IRS Form CP503?
The CP503 notice is the second or further reminder from the IRS that you have outstanding taxes due.
The notice is not a bill but a formal notification from the IRS to allow you to pay an unpaid tax balance.
Understanding Your CP503 Notice
When the deadline to pay back your outstanding taxes is growing nearer, and the IRS has yet to hear from you about your CP14 notice, they will issue a CP503 notice. You should carefully review the document to understand the specifics of your situation.
It should contain the following information:
The amount you owe, including penalties and interest
The tax year(s) in question
Any payment deadlines
Instructions on how to respond or make a payment
Why You're Receiving a CP503
You are receiving a CP503 notice because you still need to respond to the IRS about your CP14 notice, which explains that you had an outstanding tax balance.
Common reasons you still owe taxes are as follows:
You failed to file a tax return or pay your taxes on time
You underreported your income or claimed incorrect deductions
You have unpaid taxes from a previous year
You have a balance due from a tax audit or examination
What You Should Do Now
With the CP503 notice, you need to act quickly. This is a more formal notice than other reminders the IRS may provide, and it means you are nearing the deadline before they take more severe measures.
Here are the steps you should take:
Review the notice carefully and verify the information
Assess what you owe and determine if you agree with the amount
Consult with a licensed tax attorney or CPA
Consider disputing the notice if you believe the amount is incorrect
How to Pay the IRS CP503
Paying your CP503 tax notice is easy and flexible. There are three main methods to do so:
Pay online through the Electronic Federal Tax Payment System (EFTPS)
Mail a check or money order with the payment voucher provided
Set up an installment agreement if you're unable to pay the full amount at once
Assess What You Owe
Before paying the amount listed, it’s important to double-check with your records that you do, in fact, owe the IRS the amount specified.
If you find some discrepancies, it is best to consult with a licensed tax attorney to resolve the situation to your benefit. They can help you navigate the process and ensure you're taking the proper steps to resolve the issue.
Consult With a Licensed Tax Attorney
While it's tempting to try to handle the situation on your own, consulting with a licensed tax attorney is crucial for avoiding any mistakes throughout the process.
Here are 3 things a licensed tax attorney can help with:
Review your notice and assess the situation
Help you understand your options and determine the best course of action
Represent you in front of the IRS, if necessary
When Do I Have to Pay My CP503 Notice?
The formal notification will outline the deadline for the IRS CP503 notice. Typically, this is within 10 days of receiving the notice.
You do not need to pay in full by this deadline, but you must at least contact them to make payment arrangements to avoid further complications and penalties.
The IRS is open to payment arrangements, such as installments, depending on your circumstances. Being cooperative, prompt, and accurate with your replies will give you the best chance of reaching an agreeable resolution.
If you miss the payment deadline, you may experience some of these 3 serious consequences:
Additional penalties: The most common form of penalty from the IRS is additional fines added to your tax bill. Failure to meet deadlines can lead to more of these fines.
Interest: Interest will continue to accrue on your outstanding tax debt, adding to the amount you owe.
Damage to Credit: While the IRS does not report to credit bureaus, they can take out liens on your property, which can hurt your ability to qualify for new credit accounts.
Frequently Asked Questions
Can I Pay My CP503 Notice Online?
Yes, you can pay online through the Electronic Federal Tax Payment System (EFTPS). The benefits of paying online include the speed of transfer and receiving a confirmation receipt.
What Happens After a CP503?
When you receive the notice, you’ll have a deadline to contact the IRS and pay back your taxes.
After you've paid your CP503 notice, the IRS will update your account, and the notice will be considered resolved.
What's the Difference Between CP501 and CP503?
A CP501 notice is a reminder from the IRS that you have an outstanding tax debt, while a CP503 notice is a formal notification that you have an unpaid tax balance, provided only after you have failed to respond to the CP501. If you fail to respond to these, you may receive the CP504, which outlines the IRS’s intent to levy your income or property.
Why Did I Get a CP503 If I Paid My Taxes?
If you've received an IRS CP503 despite having paid your taxes, it's possible that your return contained a discrepancy.
In this case, you should consult with a licensed tax attorney or CPA to resolve the issue. Contacting the IRS directly yourself in this circumstance is not recommended.
The Fastest Way to Resolve Your CP503 Notice
The fastest way to resolve your CP503 notice is to follow these steps:
Review the notice to verify all information contained within
Assess what you owe
Consult with a licensed tax attorney or CPA
Pay the owed amount or set up payments by installment
Hopefully this article helped you better understand your CP503 letter and allows you to take a clear plan of action to solving your notice.
FAQS
What is tax debt relief?
Tax Debt Relief is the name given to several IRS programs which can be used to clear your tax debt. This is available to many taxpayers who are often in need of reducing the burden of tax debt.
Is this IRS approved?
Absolutely. The IRS permits taxpayers to utilize tax relief programs. However, it's essential to note that both the IRS and FTC consistently caution struggling taxpayers against engaging with numerous tax relief companies. Many of these companies make false assurances and over promise to their clients, often just to collect upfront fees. This practice can mislead many individuals into believing they qualify for relief when, in reality, not every taxpayer does. The truth is, it takes a genuine expert—a tax attorney—who comprehends the intricacies of the tax code and knows how to effectively negotiate with the IRS to genuinely assist a client's best interests.
Who will work to clear my debt?
All plans and negotiations are reviewed and carried out by a tax attorney.
Are all cases taken on?
In some cases, the best course of action won’t include substantial tax relief. If our attorneys don’t believe your case can be resolved with substantial relief, we will proceed to let you know free of cost.
Do I need to hire someone?
It's possible your case is less complicated and you can directly negotiate with an IRS agent if, for example, your tax debt is very small. Otherwise, an expert may be the best option to negotiate a resolution to your tax debt.
Can the IRS take my assets?
The IRS reserves the right to seize assets to satisfy your tax debts. They can seize real estate, cars, bank accounts or other assets to clear your balance
What is the fresh start program?
Fresh Start was an IRS program which considers your individual situation for tax relief. Through this, an expert can assist in negotiating a personalized relief plan.
Do you charge for consultations?
Nope - All consultations are completely free!
Will my information remain confidential?
Any and all information you provide is strictly confidential and will only be used to carry out services you agree to.
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