The first notice  that a taxpayer will receive after failing to remit the appropriate tax payments is a CP 501 IRS Notice, which indicates that there is a balance due to the IRS on one or more tax accounts. The notice will include an explanation of taxes owed, including the due date of those amounts, the amounts due, and the payment options that are available. Even at this early stage, it is important for the taxpayer to understand that he or she has certain rights, and particularly if a taxpayer is concerned that the payment amount and date listed is financially unrealistic for the taxpayer, knowledge of the taxpayer’s rights can be crucial. Multiple payment options are available, and IRS personnel are available to discuss these options with you, but simply ignoring the notice can have serious implications, including the filing of a Notice of Federal Tax Lien and accrual of penalties and interest.