Receiving a tax notice or letter is never a pleasant experience. It can be confusing and frustrating if you don't understand why you received the notice in the first place. That's why we wrote The Ultimate Guide to Tax Notices and created a tax notice library filled with the most common tax notices and letters you might receive. We believe the process of staying compliant with your taxes should be as effortless as possible.
General Information
- What is the notice number? CP503
- What government agency sends this notice? The Internal Revenue Service (IRS)
- What is this notice about? You received this notice because the IRS hasn'theard from you and you still have an unpaid balance on one of your tax accounts.
- What should you do if you receive this notice?
- Read your notice carefully. It explains how much you owe, when your payment is due, and your payment options.
- Pay the amount you owe by the due date shown on the notice.
- Make a payment plan if you can't pay the full amount you owe.
- Contact the IRS if you disagree by calling the toll-free number shown on your notice.
FAQs & Additional Information
- What is the notice telling me? This notice is your second reminder that you still owe a balance on one of your tax accounts. You received this notice because the IRS hasn't received your payment or a response to previous notice(s) requesting you pay this balance.
- What do I have to do?
- Pay the amount you owe by the due date shown on the notice. You can quickly and easily pay your balance online or mail your payment in the envelope the IRS sent you. Please include the bottom part of the notice to make sure it's correctly credited your account.
- If you can't pay the whole amount now, you may qualify for a payment plan (including installment agreements) by applying online through the IRS' online payment agreement application.
- How much time do I have? You must pay the entire balance by the due date shown on your notice to avoid additional penalties and interest.
- What happens if I don't pay or respond to this notice? If you don't pay the amount due, make payment arrangements, or contact the IRS at the toll-free number on your notice, the IRS may file a Notice of Federal Tax Lien if they haven't already done so. A tax lien is a public notice to your creditors that the IRS has a right to your interests in your current assets and any assets you acquire after the lien is filed; it can affect your ability to get credit.
- Who should I contact? If you have any questions about this notice, call the IRS at the toll-free number shown on your notice by your payment due date to speak to a customer service representative.
- What if I don't agree or have already taken corrective action?
- If you don't agree, contact the IRS immediately to discuss your matter with a customer service representative. They'll do their best to assist you.
- If you have already taken corrective actions, you should still call the IRS at the toll-free number shown on your notice to make sure your account accurately reflects the actions you've taken.
What does it look like?
Resources
Looking for more information about this notice? Here are some helpful resources:
- About the notice - https://www.irs.gov/individuals/understanding-your-cp503-notice
- Example copy of the notice - https://www.irs.gov/pub/notices/cp503_english.pdf
How can we help you today?
Are you looking for more information about your tax notice or other challenges? DiMercurio Advisors has a dedicated team supporting tax notices, audits and more. We are passionate about ensuring you are well-informed and in control of your tax situation.
