Tax Levy - What will happen?

[pritchardhallhokie]

I got a final notice CP 504 in the mail yesterday.  It says I have to pay the total balance in 10 days of a past due tax amount roughly 1900 dollars.  It says they may levy assets and file a federal tax lien if they haven't already.  I called the number and they said I "probably" have some more time.  I CAN pay this on Friday.  What do I do?  Will this hit my credit?  It isn't on there as of yet but I don't want to get anything like this on my credit as it would be terrible.  What should I do? 

[Anonymous]

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@pritchardhallhokie wrote:

I got a final notice CP 504 in the mail yesterday.  It says I have to pay the total balance in 10 days of a past due tax amount roughly 1900 dollars.  It says they may levy assets and file a federal tax lien if they haven't already.  I called the number and they said I "probably" have some more time.  I CAN pay this on Friday.  What do I do?  Will this hit my credit?  It isn't on there as of yet but I don't want to get anything like this on my credit as it would be terrible.  What should I do? 

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Pay it!

Unfortunately, there really isn't a way to guarantee that a tax lien hasn't already been filed. If it has, the clock won't start ticking on its removal until it's paid, so no matter what, you need to pay it ASAP.

[pritchardhallhokie]

Called and got a hold of the IRS.  They pulled up my file and said this was the letter BEFORE they start levy and lien action and nothing has been posted to my credit.  Also, they gave me a 9 week extension to go into the local office then I can set up a 120 day payment plan...

PHEW!!

I still have to pay the money, but at least it wont hit my credit!....

THANKS!!!!!!!!!!!

[Anonymous]

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@pritchardhallhokie wrote:

Called and got a hold of the IRS.  They pulled up my file and said this was the letter BEFORE they start levy and lien action and nothing has been posted to my credit.  Also, they gave me a 9 week extension to go into the local office then I can set up a 120 day payment plan...

PHEW!!

I still have to pay the money, but at least it wont hit my credit!....

THANKS!!!!!!!!!!!

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Good work!

[Anonymous]

Good! You seriously dodged a bullet there. I missed  my winow of opportunity to avoid my tax lein and took an almost 100pt hit!

[pritchardhallhokie]

Yeah...

And me being the paranoid person that I am, I called again yesterday and asked a second person if my arrangement was in fact in place and valid and they said yes... PHEW!!!!!!!!!