IRS Notice CP504B is an URGENT notice to inform you the IRS intends to levy against the business assets. It is very similar in effect to the other Notices of Intent to Levy. After 30 days they can seize practically anything owned by the business, including accounts receivable.
Response to Notice CP504B
Initially, we must contact the IRS & appease collections to prevent levies. The type of tax involved - Income or Employment - determines the different rules to be followed. If you agree that the business owes, we'll review all the options & create an Action Plan for you to reduce or mitigate the tax. But often, the amount owed is disputed.
Therefore, it is vital to get the IRS Account Transcripts & file so it can be compared with the business records. Then, amended returns may have to be filed to reduce the amount owed and perhaps, a Penalty Abatement Request. The process must be initiated quickly to avoid problems.
Please follow the IRS Notice CP 504B Prep Steps and see Mr. Hopkins in Colorado Springs or Pueblo before proceeding!