When you owe back taxes, the IRS correspondence machine gets into gear. You will start receiving -- "CP504's", "CP71c," the list goes on -- informing you about your balance due. But in a sea of IRS warning letters - one letter stands out - FINAL NOTICE OF INTENT TO LEVY (FNOIL). If you don't respond to this letter you should expect to have
A. Your wages garnished
B. Your bank account frozen in about 45 days after the date on the FNOIL.
In other words - the game of stalling is over once a FNOIL is sent. You or your tax professional needs to contact the IRS - in about 30 days - to begin the process of resolution and to prevent the levy process from going forward.
You can read more about IRS letters on our website: Making Sense of your IRS letters.
