IRS Publication 594

AAA

DEFINITION of 'IRS Publication 594'

A document published by the Internal Revenue Service (IRS) that outlines the steps that the agency may take in order to collect a taxpayer's outstanding balance. IRS Publication 594 is typically sent along with the final tax bill if the taxpayer is overdue or owes interest or a penalty. Actions undertaken by the IRS on an overdue account may include contacting the taxpayer by phone, assigning a revenue officer to resolve an outstanding balance or enforcing collection through liens, levies, seizures or liquidation.

INVESTOPEDIA EXPLAINS 'IRS Publication 594'

Receiving a copy of IRS Publication 594 in the mail does not mean that a taxpayer cannot dispute the IRS' findings. Taxpayers should gather records and past tax returns and contact the IRS.


In order to reduce the possibility of overdue taxes, taxpayers should check the number of allowances selected on form W-4 or increase estimated tax payments.

RELATED TERMS
  1. W-4 Form

    A form completed by an employee to indicate his or her tax situation ...
  2. Audit

    1. An unbiased examination and evaluation of the financial statements ...
  3. Revenue Officer

    An individual who collects revenues such as taxes and duties ...
  4. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  5. Notice Of Seizure

    A letter or written notice from the Internal Revenue Service ...
  6. Liquidation

    1. When a business or firm is terminated or bankrupt, its assets ...
Related Articles
  1. Taxes

    How To Appeal Your IRS Audit

    The auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.
  2. Taxes

    Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
  3. Taxes

    Don't Let Inaccurate Tax Forms Get You Audited!

    Copying in numbers directly from your tax forms can end up with you paying more (or less) taxes than you owe.
  4. Taxes

    Tax Court: Your Last Resort

    Appealing an unfavorable or unfair tax ruling may be your last chance to save your finances.
  5. Taxes

    Making Sense Of The Tax Code

    If tax rules and regulations are Greek to you, read on to learn how to decipher them.
  6. Economics

    Vladimir Putin: Rise to Power and Fortune

    An article about Vladimir Putin, where he studied, how he came into power, his net worth, and the current leverage he has on world politics.
  7. Stock Analysis

    A New Economic Threat: State-Sponsored Hacking

    State sponsored hacking attempts are becoming a major cause of concern to the US. Here is a list of US sectors most vulnerable to state-sponsored hacking.
  8. Economics

    Are Greece’s Worries Almost Over?

    Last week ended with the news that Greece and the European Union (EU) finance ministers struck a deal to temporarily extend the Greek bailout program.
  9. Economics

    Why Is Ukraine At War? A Russian Rivalry With West

    Huge power games which are being played behind the Ukrainian conflict are rooted in a previous revolution, a past Cold War, and an old Russia-West rivalry.
  10. Economics

    Does A Junk Rating Reflect Russia's Fundamentals?

    Moody’s, like other credit rating agencies, has downgraded Russia’s sovereign debt rating to non-investment grade, but does this reflect Russia's economy?

You May Also Like

Hot Definitions
  1. Fixed-Charge Coverage Ratio

    A ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. It is calculated ...
  2. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  3. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  4. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  5. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  6. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
Trading Center