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IRS TAX PROBLEMS? Get expert help with back taxes, IRS notices, penalties, and more.
IRS NOTICES: TAX DEBT
What is a CP523 notice?
Published on: June 26, 2020
IRS notices are letters sent to inform taxpayers of important tax information. Each one is different, but we can explain what the CP523 is about.
Understanding your CP523 notice
You have not paid or were late on your payment plan/installment agreement and the IRS intends to terminate your agreement and seize your assets if you do not pay immediately.
Type of Notice
Unpaid taxes
Why you received the CP523 notice
You received a CP523 notice because you defaulted on your payment plan/installment agreement. The IRS has terminated the payment plan/installment agreement and is notifying you that they intend to seize your assets to pay your tax debt.
Likely next steps
As always, carefully read the notice.
If you can, you will need to make a payment on your payment plan/installment agreement before the termination date on your CP523 notice. Then, you need to contact the IRS to see if it is possible to reinstate your agreement. The IRS might require you to pay a fee or cover any additional tax liabilities before reinstatement of the agreement.
You can also contact a tax professional to learn more about your options.
CP523 Notice deadline
You must make your payment and call the IRS to reinstate your payment plan before the termination date in the notice. You have 30 days from the date of the notice to contact the IRS either by phone or mail.
If you miss the deadline
If you do not make a payment or contact the IRS within 30 days, the IRS will end your payment plan/installment agreement and begin proceedings to seize your assets to pay your tax debt.
About the Author
Mark Steber is Senior Vice President and Chief Tax Officer for Jackson Hewitt. With over 30 years of experience, he oversees tax service delivery, quality assurance and tax law adherence. Mark is Jackson Hewitt’s national spokesperson and liaison to the Internal Revenue Service and other government authorities. He is a Certified Public Accountant (CPA), holds registrations in Alabama and Georgia, and is an expert on consumer income taxes including electronic tax and tax data protection.
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The Money Today Guarantee is only available to clients who (i) are approved for an Early Tax Refund Advance loan; and (ii) elect and are eligible to receive loan funds on a prepaid card. Loan available during hours of operation. Hours vary by location. Loan application must be submitted by 11pm local time. If funds are not credited to your card before 12am local time, Jackson Hewitt will credit $50 within 2 weeks to your card if available or provide you a $50 eGift card. Fees, terms, and conditions apply to the prepaid card.
The Early Tax Refund Advance (ETRA) is a loan secured by, and paid back with, your tax refund and is offered by First Century Bank, N.A. Loan amounts are determined by your expected federal refund, less authorized fees and underwriting. Loan amounts are $300, $500, $1,000, and $1,500. To be eligible for the $1,500 ETRA loan, your expected federal refund, less authorized fees, must be at least $5,000. Most common ETRA loan amount approved is $300. ETRA loan is subject to underwriting and approval. Loan proceeds are typically available on the same day of approval, if disbursed on a prepaid card offered at Jackson Hewitt offices, or in 1-5 business days with direct deposit. Terms and restrictions apply. For details visit jacksonhewitt.com/loans. Jackson Hewitt is a Rhode Island Licensed Loan Broker and holds other relevant licenses for the locations where this product is offered. If approved, a finance charge applies except for residents of CT and NE.
Money Today Guarantee
The Money Today Guarantee is only available to clients who (i) are approved for a refund advance loan; and (ii) elect and are eligible to receive loan funds on a prepaid card. Loan available during hours of operation. Hours vary by location. Loan application must be submitted by 11pm local time. If funds are not credited to your card before 12am local time, Jackson Hewitt will credit $50 within 2 weeks to your card if available or provide you a $50 eGift card. Fees, terms, and conditions apply to the prepaid card.
Early Tax Refund Advance
The Early Tax Refund Advance (ETRA) is a loan secured by, and paid back with, your tax refund and is offered by First Century Bank, N.A. Loan amounts are determined by your expected federal refund, less authorized fees and underwriting. Loan amounts are $300, $500, $1,000, and $1,500. To be eligible for the $1,500 ETRA loan, your expected federal refund, less authorized fees, must be at least $5,000. Most common ETRA loan amount approved is $300. ETRA loan is subject to underwriting and approval. Loan proceeds are typically available on the same day of approval, if disbursed on a prepaid card offered at Jackson Hewitt offices, or in 1-5 business days with direct deposit. Terms and restrictions apply. For details visit jacksonhewitt.com/loans. Jackson Hewitt is a Rhode Island Licensed Loan Broker and holds other relevant licenses for the locations where this product is offered. If approved, a finance charge applies except for residents of CT and NE.