The CP297B Notice is sent by the IRS as a final notice of intent to levy. This notice informs taxpayers that the IRS plans to seize their property or wages to collect unpaid taxes unless immediate action is taken. It also offers the taxpayer the right to request a Collection Due Process (CDP) hearing to dispute the levy.
Key elements of the CP297B Notice:
- Levy Warning: The notice warns that unless the taxpayer resolves their tax debt, the IRS will levy their property, wages, or bank accounts. This is a final notice before the IRS begins enforcement actions.
- Right to a Hearing: The taxpayer has 30 days from the date of the notice to request a CDP hearing. This hearing provides the taxpayer an opportunity to appeal the levy or negotiate an alternative resolution, such as an installment agreement or offer in compromise.
- Payment Options: The notice outlines options for resolving the debt, including paying in full or setting up a payment plan. Taxpayers are encouraged to contact the IRS to avoid the levy.
- Consequences of Inaction: If the taxpayer does not respond by the deadline, the IRS will proceed with the levy, which could result in the seizure of assets or garnishment of wages until the tax debt is paid in full.
The CP297B Notice is a critical warning from the IRS, indicating that immediate action is required to prevent a levy on property or wages.