Understanding IRS Notice CP297: Final Notice of Intent to Levy — Business Accounts and How to Respond
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🔥 The Detangler — Plain English Translation
"The IRS just handed your business a ticking time bomb. They can seize your bank accounts, receivables, and equipment. 30 days. Move now."
CP297 is CP90 for businesses — the final authorization to seize business assets. A levy on your receivables can immediately strangle cash flow. This requires emergency representation, not delay.
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Step 1 of 3 — Who are you?
Official IRS Summary
Threat Level & Action
Severity
Extreme
- ✦ Do NOT ignore this notice
- ✦ Respond within the stated deadline
- ✦ Contact a licensed IRS Collection EA
- ✦ Document all communications
- ✦ Review Penalty & Interest exposure
Frequently Asked Questions — CP297
What is IRS Notice CP297?
CP297 is the Final Notice of Intent to Levy sent specifically to businesses and self-employed individuals. It parallels CP90 for individuals but applies to business tax accounts.
What business assets can be seized under CP297?
The IRS can seize business bank accounts, accounts receivable, equipment, real property, and even the business's ongoing revenue stream through continuous levy on receivables.
Can the IRS shut down my business with CP297?
In theory, yes. A continuous levy on receivables or seizure of business assets can effectively halt operations. This is the nuclear option in business tax enforcement.
How do I protect my business after CP297?
Request a CDP hearing within 30 days immediately. Simultaneously, consult an EA experienced in business collections. Options may include an Installment Agreement, Currently Not Collectible status, or Offer in Compromise.