The CP504 notice is the IRS's final warning before they levy (seize) your assets. This means they can:
This is not a drill. You've already received at least three previous notices (CP14, CP501, CP503). The IRS has given you multiple chances to respond, and now they're done waiting.
The CP504 gives you 30 days to pay in full or make arrangements. After that, levy action begins. Don't wait.
The IRS will send a levy notice to your bank or employer. Your accounts can be frozen and wages garnished without further warning.
The IRS can take everything in your bank account up to the amount you owe. You'll have 21 days to appeal before the money is actually taken.
The IRS can take up to 70% of your paycheck until the debt is paid. This continues every pay period until resolved.
If you can pay the full amount now, do it at IRS.gov/payments. This stops everything immediately.
Call the IRS immediately at the number on your CP504 to set up a payment plan. This will prevent levy action if approved.
If you truly cannot pay, you may qualify for hardship status. This temporarily stops collection until your situation improves.
The CP504 is not a negotiation. The IRS will levy your assets. You must respond within 30 days or face immediate financial consequences.