The opening line of IRS Notice CP504 declares either, "Notice of intent to levy" or "Notice of intent to seize (levy) your property or rights to property". IRS Notice CP504 is an URGENT notice to inform you the IRS intends to levy against your assets. It is very similar in effect to Letter 1058, & Notices CP77, CP90 & CP91. After 30 days they can seize practically anything you own.
The IRS often levies wages and bank accounts because they are easy prey. They may levy against life insurance policies or CD's. They can levy against a 401(k) or pension but often do not. Other property is more difficult, but not impossible for the IRS to levy.
Most often, you'll be required to complete Form 433-A or Form 433F to disclose your income & assets to obtain a temporary Installment Agreement. Please take our TaxHelp Webinars to learn the tricks & traps to completing these forms!
But, that is NOT the end of your problem. We must research & explore the various ways to reduce or eliminate your IRS debt.
We will create a specific Action Plan to abate this problem. For more detailed information, please follow the IRS Notice CP-504 Prep Steps and see Mr. Hopkins in Colorado Springs or Pueblo before proceeding!