Receiving a letter from the IRS can be stressful, especially when it’s a CP501 notice. This letter is the IRS’s first reminder that you owe taxes, and it’s important to act quickly before the situation escalates.

What Is a CP501 Letter?

The CP501 notice is an official reminder from the IRS that you have unpaid taxes. It outlines:

  • The amount you owe, including penalties and interest.
  • The due date for payment.
  • What will happen if you don’t respond.

If you ignore the CP501 letter, the IRS will send more notices, and eventually, they may take collection actions such as garnishing your wages or placing a lien on your property.

How to Respond

If you receive a CP501 notice, take these steps:

  1. Verify the Information: Make sure the tax amount listed is correct.
  2. Pay the Balance if Possible: If you can afford to pay in full, do so to avoid further penalties.
  3. Explore Payment Options: If you can’t pay the full amount, you may qualify for an installment agreement or another tax relief solution.
  4. Seek Professional Help: If you’re unsure how to proceed, a tax expert can help negotiate with the IRS on your behalf.

Don’t Wait – Get Help Today

Ignoring a CP501 letter can lead to serious consequences, but you don’t have to face the IRS alone. Rappaport Tax Relief can help you understand your options and take the right steps to resolve your tax debt.

Call (917) 488-8295 today for a free consultation and get the help you need.