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.

BREAKING DOWN '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. Liquidation

    1. When a business or firm is terminated or bankrupt, its assets ...
  6. Notice Of Seizure

    A letter or written notice from the Internal Revenue Service ...
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. Retirement

    The 3 Most Common 401k Rollover Mistakes

    No one is born knowing the tax rules for 401(k)s and IRAs, but only dummies, scaredy cats and suckers don't buckle down to learn them.
  7. Taxes

    Top Reasons to File Separately When Married

    Most of the time, it makes sense for couples to file their taxes jointly. Except for these possible exceptions...
  8. Taxes

    What IRS Form 1023 Is Used For

    To be treated as a tax-exempt organization, start by filling out this form.
  9. Taxes

    Late with Your Taxes? Grab IRS Form 4868

    Fill out this form to get a few more months to file your tax return. But remember, April 15 is still the payment due date if you owe taxes.
  10. Taxes

    What IRS Form 8949 Is For

    Selling a painting or that lake property? Disposing of your fossil fuel stocks? You need to know about this IRS form.
RELATED FAQS
  1. Are spousal Social Security benefits taxable?

    Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third ... Read Full Answer >>
  2. How do you calculate penalties on an IRA or Roth IRA early withdrawal?

    With a few exceptions, early withdrawals from traditional or Roth IRAs generally incur a tax penalty equal to 10% of the ... Read Full Answer >>
  3. Are credit card rewards taxable?

    Credit card rewards are taxable in the United States some of the time. The Internal Revenue Service (IRS) classifies credit ... Read Full Answer >>
  4. Where are the Social Security administration headquarters?

    The U.S. Social Security Administration, or SSA, is headquartered in Woodlawn, Maryland, a suburb just outside of Baltimore. ... Read Full Answer >>
  5. What is the Social Security tax rate?

    The Social Security tax rate is 12.4% as of 2015. Of that amount, the employee is responsible for half, or 6.2%, and the ... Read Full Answer >>
  6. What is the Social Security administration responsible for?

    The main responsibility of the U.S. Social Security Administration, or SSA, is overseeing the country's Social Security program. ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Election Period

    The period of time during which an investor who owns an extendable or retractable bond must indicate to the issuer whether ...
  2. Shanghai Stock Exchange

    The largest stock exchange in mainland China, the Shanghai Stock Exchange is a nonprofit organization run by the China Securities ...
  3. Dead Cat Bounce

    A temporary recovery from a prolonged decline or bear market, followed by the continuation of the downtrend. A dead cat bounce ...
  4. Bear Market

    A market condition in which the prices of securities are falling, and widespread pessimism causes the negative sentiment ...
  5. Alligator Spread

    An unprofitable spread that occurs as a result of large commissions charged on the transaction, regardless of favorable market ...
  6. Tiger Cub Economies

    The four Southeast Asian economies of Indonesia, Malaysia, the Philippines and Thailand. Tiger cub economy indicates that ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!