The IRS uses Notice CP171 to remind you of taxes owed by the business. Notice CP171 is very similar in form and effect as the Notice CP71C issued to individuals. Your situation is not yet urgent but should be corrected immediately.
Respond to Notice CP171
You have likely already received Notices of Intent to Levy so the IRS could seize at any time. However, this CP71C reminder is not an active indication that enforced collection against you is imminent and we have time to bolster a good case for you. Waiting until the IRS seizes your property makes the case more difficult.
Eventually, you'll have to decide what action to take to control this debt. Whatever action you take will likely require you to complete a Form 433-B to disclose the business income & assets. At some point, you may also be required to complete a Form 433A or Form 433F to disclose your personal finances to the IRS. Take our Webinar to learn the tricks & traps of completing these forms.
But, in some ways the passage of time may actually work in your favor. Once the statute of limitations has run its course, your options for escaping the tax burden expands. In one consultation, TaxHelpLaw can determine the limitations period & assessment issues and devise the most sure method of winning your case.
Please follow the Prep Steps for the answers about IRS Notice CP171 and see Mr. Hopkins in Pueblo, Denver or Colorado Springs before proceeding!
Various Types of IRS Notice CP171:
