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When you get this notice, the IRS is preparing to levy any and all sources of income. They intend to cut you off your ability to spend your revenue sources. This could include your wages, private investments and social security income. They will likely file tax liens if they have not already done so. However, still all is not lost. You can enter into a settlement option and potentially avoid some or all of these negative consequences if you don’t delay taking appropriate action. Entering into a tax debt settlement option is best accomplished with the help of an IRS resolution specialist with expertise in negotiating with the IRS. It may also be appropriate to file for a Collection Due Process Hearing with the Appeals Office to get matters resolved if the IRS revenue officer is making unrealistic demands or unwilling to accept a valid settlement proposal.