00:00Hi everybody, Jamie Flores with the Law Offices of Nick Namath. I am an attorney licensed in
00:06the state of Texas. This is just for informational purposes only. So it is for federal IRS liability.
00:13If you receive notices, I'm going to go over a series of different notices. If you get a notice
00:20in the mail and you want to know what it is, what you need to do, you would go to these videos to
00:24try to find it. The first one is a CP501 notice. This is an actual notice and I've redacted the
00:31client's information. So this is how it will look when it comes in the mail to you. It's usually
00:36three or four pages and it comes in a sequence of notices. This is not going to be the first notice
00:42that you receive. The first notice is going to be, hey, you filed a return and you owe us money.
00:48This then would come after that. So again, a CP501, um, and then there's a 503, a 504.
00:56Um, and they, each one gets a little bit more aggressive in their language and their ability
01:02to collect against you. So this is what the collections department of the treasury and the
01:07IRS. It is just telling you, you filed a return, you owe a balance. It's due immediately. Okay.
01:14And how much is owed and how do you make your payments? You can go online and make a payment.
01:19You can, um, mail in a check. If you can sign a check, um, and write the, the social security number,
01:27the taxpayer's name and what year you want the payment to go to. Uh, and then the next page of
01:33these notices are going to be the taxpayer's rights. Yes, you have rights, but you also have to pay your
01:39taxes. So, but it gives you a list under the IRC of what rights you have. It's called the bill of
01:45rights for taxpayers. And that's for individuals and businesses. Um, but you can go in and, and see
01:52if there's something that you feel like, Hey, I really don't owe this amount. There's something
01:56wrong. Um, that's when you would want to do like audit reconsideration, or you have to formally tell
02:02the IRS that you don't owe it. Um, it also gives you the information for taxpayer advocate service.
02:09They are an independent organization that has nothing to do, um, with the IRS. So they are
02:17independent of the IRS, but they can come in and help answer questions and resolve IRS problems
02:23and correspond with the IRS to make sure that, that the IRS is abiding by all of their proper procedures,
02:29to protect your rights. And there's a list of low income taxpayer clinics that you can go to their
02:36link. Um, if you need help and assistance, you can go to that link, um, and see if somebody can help
02:41you, uh, with resolving your IRS liability. So again, a CP 501 is a balance due notice and, um,
02:48it's asking you to make payments, um, it's asking you to make payments.
