IRS sends you CP71C notice to show you the amount of money your own them. It’s a balance due informative letter with a payment request.
Now you know how much you owe and you have a reminder of balance outstanding. IRS will NOT pursue you or clean sweep of your bank account.
All the valuables will NOT be touched and your property will NOT be taken.
Do NOT mistake it with: Final Notice of Intent to Levy (LT11, CP90, LT1058), which will be mailed to you before IRS takes further action.
To be under “currently not collectible” status, you need to notify IRS that financial condition prevents you from repaying them and they will not pursue you. If you can’t pay, the IRS might offer you an installment plan.
One of your options is to pay the debt off, but if IRS cannot collect money from you in 10 years, it will be forgiven. An yearly IRS reminder of your unpaid tax debt is useful in resolving your tax problems.