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Notice and Demand for Payment

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Definition of Notice and Demand for Payment:

A written letter issued by a creditor that serves as a final warning to a debtor. The intent is to inform the debtor that they need to pay off their debt or make further arrangements immediately. In terms of taxes this is the final letter the IRS will send a taxpayer before they take action, placing a levy or lien on the taxpayer's property to pay off unpaid tax liabilities.