If you receive a CP501 or CP502 and don’t address it, the next letter the IRS will send is a CP503.
This notice states that you only have 10 days to comply before more severe actions are taken against you. But there are some things you can do.
The first and best option is by paying the total amount at once. Paying your account off will get rid of your tax debt and prevent further penalties and interests from accruing. If you cannot pay the entire balance, you can apply for a payment plan with the IRS.
But if you don’t take steps to address your tax issues within 10 days of receiving the CP503, the IRS will send another letter announcing its intent to levy your property in order to pay off your debts.
The most important thing to remember is that your tax problem won’t go away. Contact a tax professional who can help get you out of debt before it gets worse.