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Balance IRS

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0% found this document useful (0 votes)
60 views

Balance IRS

Uploaded by

tainarce
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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SB

Department of the Treasury For your reference


Internal Revenue Service Notice name CP503
Memphis, TN 38101-0069
Tax year 2020
Notice date December 9, 2024
Your caller ID 003888
Taxpayer ID XXX-XX-6052
number
TAINA R CORZO ESCOBAR New quick, easy, and secure online payments
5118 BIRCH MANOR IN Visit IRS.gov/directpay to avoid additional interest
KATY TX 77494-4932 and penalties or time lost on the phone

To: TAINA R CORZO ESCOBAR


We recently contacted you about your past due 2020 taxes. You must pay your balance immediately.

Amount Past Due: $64,761.66


You must pay by December 30, 2024 to stop further penalties and interest.
If you don’t act now, the IRS may consider levying (seizing) your income or bank account.

What you need to do


Pay online now from your bank
• Quick, free and easy way to pay
• Secure payment directly from your bank account without fees
• Convenient method; just use a computer or mobile device

What You Need How to Pay From Your Bank


To verify your identity: 1. Go to irs.gov/directpay
Filling Status 2. Select “Make a Payment”
Address 3. Enter the following options:
To Pay: • Reason for Payment: Balance Due
Bank Account Number • Apply Payment To: Income Tax – Form 1040
Bank Routing Number • Tax Period for Payment: 2020
Don’t know this information? 4. Follow the instruction to verify your identity and submit
You can find your recent tax returns on your secure bank information
irs.gov/individuals/get-transcript. 5. Submit your secure payment
Your bank account and routing numbers are on your check.
SB

Notice: CP503 Tax year: 2020 Notice date: December 9, 2024 TIN: XXX-XX-6052 Page 2 of 5

What you need to do now — continued

If you’re a debtor in a bankruptcy case, this notice is for your information only and isn’t intended to seek
payment outside of the bankruptcy process of taxes due before you filed your petition. You won’t receive
another notice of the balance due while the automatic stay remains in effect.
If you paid your balance in full, set up a payment plan after receiving a previous notice or we advised you we suspended
enforced collection on your account, disregard this reminder. You can check your payment status on irs.gov/payments.
If you can’t find what you need online and still have questions not addressed in this notice, call
833-678-7020.

Other Payment Options

To Pay by Card To Pay by Check

1.Go to irs.gov/payments or scan the QR code 1. Make your check or money order payable
on page 1 the “United States Treasury”
2.Select “Credit or Debit” 2. Include the payment stub when you mail
3.Choose a payment processer your check or money order
4.Pay through the IRS cleared payment
processer’s website

Additional fees apply when paying by card

When you pay by check, you authorize us to use information from your check to make a one-time electronic fund transfer from your
account or process the payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may
be withdrawn from your account as soon as the same day we receive your payment, and you will not receive your check back from your financial
institution.

Your Bill Summary


Every day you put off paying, more penalties and interest are added to your bill.

Description Amount
Amount you owed $63,973.87
Interest $787.79
(Internal Revenue Code Section 6601)
Amount due by December 30, 2024 $64,761.66
SB

Notice: CP503 Tax year: 2020 Notice date: December 9, 2024 TIN: XXX-XX-6052 Page 3 of 5

Your Bill Summary — continued


For an explanation of your penalties and information on how penalties may be
removed or reduced, visit irs.gov/penalties. For an explanation of your interest, visit
irs.gov/interest.

Additional information
For more information about this notice, visit irs.gov/cp503.
Can’t pay in full right now? Pay as much as you can and set up a monthly payment plan online at irs.gov/opa.
To learn about your other options, visit irs.gov/payments under the topic "Can't Pay Now?”
You can contact us by mail at the following address. Be sure to include your taxpayer identification number, the tax year and the form number you
are writing about.
Internal Revenue Service
P.O. Box 249
Memphis, TN 38101-0249
If you have not paid the debt already, a federal tax lien has arisen as a claim against all your property. If you don't pay the amount due
immediately or make payment arrangements, we can file a Notice of Federal Tax Lien (NFTL) publicly establishing our priority with your creditors or
we may levy (seize your property) subject to any applicable Collection Due Process rights. If we file the NFTL, it may be difficult to sell or borrow
against your property.
If you don't believe you owe or don’t agree with our intent to file a NFTL, you have the right to request an appeal under the Collection
Appeals Program before the NFTL is filed. If you want to file an appeal, call or send us a Collection Appeals Request (Form 9423). Call 833-678-
7020 if you have any questions. For more information about your appeal rights, see Publication 1660 (Collection Appeal Rights).
Note: The CAP is different from the Collection Due Process (CDP) program. CAP addresses appeals when the Service communicates its intent to file
an NFTL, while a CDP hearing is offered after the Service files an NFTL. For additional information, visit irs.gov/compliance/appeals.
Send us your documents using the Documentation Upload Tool within 30 days from the date of this notice. To use the tool, scan the QR
Code below or visit IRS.gov/dutreply and enter access code 137b7-207z1.
SB

Notice: CP503 Tax year: 2020 Notice date: December 9, 2024 TIN: XXX-XX-6052 Page 4 of 5

Taxpayer Rights and Sources of Assistance


The Internal Revenue Code (IRC) gives taxpayers specific rights. The Taxpayer Bill of Rights groups these into 10 fundamental rights. See IRC
Section 7803(a)(3). IRS employees are responsible for being familiar with and following these rights. For additional information about your
taxpayer rights, please see the enclosed Publication 1, Your Rights as a Taxpayer, or visit irs.gov/taxpayer-bill-of-rights.
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayers' rights. TAS can
offer you help if your tax problem is causing a financial difficulty, you’ve tried but been unable to resolve your issue with the IRS, or you believe
an IRS system, process, or procedure isn't working as it should. If you qualify for TAS assistance, which is always free, TAS will do everything
possible to help you. To learn more, visit taxpayeradvocate.irs.gov or call 877-777-4778.
Tax professionals who are independent from the IRS may be able to help you.
Low Income Taxpayer Clinics (LITCs) can represent low-income persons before the IRS or in court. LITCs can also help persons who speak
English as a second language. Any services provided by an LITC must be for free or a small fee. To find an LITC near you:
• Go to taxpayeradvocate.irs.gov/litcmap;
• Download IRS Publication 4134, Low Income Taxpayer Clinic List, available at irs.gov/forms; or
• Call the IRS toll-free at 800-829-3676 and ask for a copy of Publication 4134.
State bar associations, state or local societies of accountants or enrolled agents, or other nonprofit tax professional
organizations may also be able to provide referrals.
SB

Notice: CP503 Tax year: 2020 Notice date: December 9, 2024 TIN: XXX-XX-6052 Page 5 of 5

Interest We are required by law to charge interest when you don’t pay your liability on time.
(Internal Revenue Code Section 6601) Unlike penalties, we cannot reduce or remove interest due to reasonable cause.
Interest accumulates daily, so the longer you wait to pay, the more interest we add to
your account. Visit irs.gov/interest for more information.
Note: The interest amount in Billing Summary reflects accruals from your previous
balance due notice, the amounts shown below are total interest charges.

Period Days accrued Unpaid balance Interest rate Interest factor Interest charge
06/15/2021 - 06/30/2021 15 37,853.60 3.0% 0.001233586 46.70
06/30/2021 - 12/31/2021 184 37,900.30 3.0% 0.015237592 577.51
12/31/2021 - 03/31/2022 90 38,477.81 3.0% 0.007424381 285.67
03/31/2022 - 06/30/2022 91 38,763.48 4.0% 0.010021943 388.49
06/30/2022 - 09/30/2022 92 39,151.97 5.0% 0.012681615 496.51
09/30/2022 - 12/31/2022 92 39,648.48 6.0% 0.015236961 604.12
12/31/2022 - 03/20/2023 79 40,252.60 7.0% 0.015264564 614.44
03/20/2023 - 06/30/2023 102 56,722.25 7.0% 0.019752314 1,120.40
06/30/2023 - 09/30/2023 92 57,842.65 7.0% 0.017798686 1,029.52
09/30/2023 - 12/31/2023 92 58,872.17 8.0% 0.020366804 1,199.04
12/31/2023 - 06/30/2024 182 60,071.21 8.0% 0.040578776 2,437.62
06/30/2024 - 12/09/2024 162 62,508.83 8.0% 0.036040221 2,252.83
Total Interest $11,052.85

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