Receiving an IRS Notice CP91 or CP298 is a serious matter that requires immediate attention. These notices are final warnings from the IRS, indicating their intent to levy (seize) your Social Security benefits to satisfy unpaid tax debts. While both notices serve a similar purpose, CP91 is issued to individuals, whereas CP298 is directed toward businesses or organizations. These notices are part of the IRS’s aggressive collection process, signaling that previous attempts to collect the tax debt have failed. Acting promptly upon receiving an IRS CP91 or CP298 notice is crucial to protecting your financial stability. At The Law Offices of Nick Nemeth, we specialize in helping taxpayers resolve these issues and avoid severe consequences.
What is IRS Notice CP91?
The IRS CP91 notice, titled “Final Notice Before Levy on Social Security Benefits,” is sent to individuals with outstanding tax debts. It serves as the IRS’s last warning before taking legal action to levy up to 15% of your monthly Social Security benefits.
Key Features of CP91 Notice:
Key Features of CP91 Notice:
- It highlights the unpaid tax amount, including penalties and interest.
- It informs you of the IRS’s intent to levy Social Security benefits.
- It provides a response deadline, typically 30 days from the notice date.
- It outlines steps to avoid the levy, including payment or alternative resolutions. Ignoring this notice can lead to a levy, which means a portion of your Social Security benefits will be withheld until the tax debt is paid off.
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What is IRS Notice CP298?
The CP298 notice, titled “Final Notice Before Levy,” is issued to businesses or organizations with outstanding tax liabilities. Similar to the CP91, this notice is a final warning before the IRS takes enforcement actions, such as levying business assets or bank accounts. Key Features of CP298 Notice:
- It specifies the amount owed, including penalties and interest.
- It warns of the IRS’s intent to levy and outlines potential targets, such as bank accounts or receivables.
- It provides steps to resolve the tax debt and avoid levies.
- It includes a deadline for response, typically within 30 days.
Why Did You Receive IRS Notices CP91 or CP298?
Receiving an IRS CP91 or CP298 notice typically means you have unpaid tax debts that have not been addressed despite prior warnings. Common reasons include:
- Unpaid Taxes: Failure to pay taxes owed from previous filings.
- Ignored IRS Notices: Previous notices, such as CP14 or CP501, were not resolved.
- Unfiled Tax Returns: Missing filings can result in estimated balances that may not reflect your actual liability.
- Accrued Penalties and Interest: Ignoring tax debts leads to growing penalties and interest, exacerbating the problem.
Consequences of Ignoring CP91 or CP298 Notices
Ignoring these notices can result in severe consequences, including:
- Levy of Social Security Benefits (CP91): The IRS can seize up to 15% of your monthly Social Security payments.
- Levy of Business Assets (CP298): The IRS may levy business assets, including bank accounts, receivables, and equipment.
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Past with Us!
Don't let IRS notices cast a shadow over your life. It's time to step into the light and regain control by effectively addressing your IRS tax issues. To learn how we can guide you through this process, reach out to The Law Offices of Nick Nemeth for a FREE no-obligation consultation. We're dedicated to helping you transform your IRS notices from a source of worry into a resolved matter.
Steps to Take After Receiving CP91 or CP298
If you receive an IRS CP91 or CP298 notice, here are the steps to follow:
- Review the Notice: Carefully examine the details, including the tax debt amount, deadlines, and instructions.
- Verify the Debt: Cross-check the IRS’s information with your records to ensure accuracy.
- Contact the IRS: If you agree with the debt, contact the IRS to discuss payment options or negotiate a resolution.
- Seek Professional Help: For complex situations, consulting a tax attorney can help you navigate the process effectively.
Resolution Options for IRS CP91 or CP298 Notices
Depending on your financial circumstances, several options are available to resolve these notices:
- Full Payment: Paying the debt in full stops further collection actions.
- Installment Agreement: The IRS allows monthly payment plans for taxpayers who cannot pay in full.
- Offer in Compromise: For qualified taxpayers, the IRS may accept a reduced amount to settle the debt.
- Currently Not Collectible (CNC) Status: If you’re facing financial hardship, the IRS may temporarily suspend collection actions.
- Appeals Process: If you believe the notice was issued in error, you can request an appeal to dispute the debt.
How The Law Offices of Nick Nemeth Can Help
Addressing IRS notices like CP91 and CP298 can be stressful and overwhelming. Our experienced team of tax attorneys in Dallas can provide the expertise and support you need to resolve your tax issues. Our Services Include:
- Notice Review: We thoroughly examine your CP91 or CP298 notice to identify discrepancies or errors.
- IRS Communication: We handle all correspondence with the IRS on your behalf, ensuring your rights are protected.
- Customized Solutions: We develop tailored strategies to resolve your tax debt, whether through payment plans, offers in compromise, or appeals.
- Protection from Levies: Our team works to prevent levies and other collection actions, safeguarding your finances.
Preventing Future IRS Notices
To avoid receiving IRS notices like CP91 or CP298 in the future, consider these proactive measures:
- Maintain Accurate Records: Keep detailed records of income, expenses, and tax filings to support compliance.
- Pay Taxes Owed: Set up payment plans if you cannot pay in full to avoid penalties and interest.
- File Taxes on Time: Ensure all tax returns are filed accurately and promptly.
- Consult Professionals: Engage tax professionals or attorneys to ensure proper tax planning and compliance.
Let Us Own Your IRS Tax Worries!
Stop spending sleepless nights, wondering what might happen next. It is time to take action and reclaim your future by resolving your IRS tax debt problem for good. To learn more about how we can help, get in touch with The Law Offices of Nick Nemeth for a FREE no-obligation consultation.
Take Action on Your IRS CP91 or CP298 Notice Today
Take Control of Your IRS Issues Today
Receiving an IRS CP91 or CP298 notice is a serious matter, but with timely action and expert guidance, you can resolve your tax issues and regain control of your finances.
At The Law Offices of Nick Nemeth, we specialize in helping taxpayers address IRS notices effectively. Don’t let the IRS seize your Social Security benefits or business assets—contact us today to schedule a consultation and take the first step toward resolving your tax concerns.
Received an IRS Notice?
Don’t worry, but act immediately to avoid getting into deeper trouble. Get in touch with the IRS Attorneys at The Law Offices of Nick Nemeth for a No-Obligation Consultation. You can also call us at (972) 426 2991 or fill out a Free Case Evaluation Form.
