The Internal Revenue Service (IRS) has a collection of formal notices they send out to taxpayers. The IRS still handles its correspondence via traditional means like official letters and notices sent via standard U.S. mail.
What is IRS Form LT11? What is IRS letter 1058?
These are two different terms to refer to the same IRS notice. In general, an IRS letter 1058 or IRS Form LT11 notifies a taxpayer that payment has yet to be received for overdue taxes . Consequently, if the taxpayer does not act, the federal government has the right to seize your property.
Learn more about IRS Form LT11/IRS Letter 1058 (sample letter) to understand its contents, your rights, as well as available actions to avoid the IRS seizing your property.
No one wants to receive anything in the mail from the IRS unless it is a tax refund. Unfortunately, IRS Form LT11/IRS Letter 1058 does not fall under the ‘good news’ category. Instead, it is an official notice from the IRS informing you that back taxes are owed and, unless actions are taken, the taxpayer is at risk of losing personal property.
IRS Form LT11 is damaging because it puts pressure on taxpayers to resolve back taxes before severe punishment is enforced. The IRS has the legal power through a tax lien and levy to freeze bank accounts, garnish wages, and seize personal property to recover money owed in back taxes.
For this reason, it is imperative to speak with a tax professional as soon as possible. Levy & Associates has decades of experience representing clients that are struggling to deal with tax debt they are unable to pay back.
Those that stand to risk personal property or a small business to IRS seizure need to take action before it is too late. Once a tax lien is filed, the IRS can prevent you from selling personal assets to resolve tax debt.
Furthermore, a tax levy presents the federal government with the authority to seize assets.
Once a tax lien or levy is filed, it’s too late. Therefore, you need to act quickly after receiving an IRS Letter 1058 notice. Levy & Associates can help you get out of this tricky predicament. Contact us today at 800-TAX-LEVY for more details.
First, do not panic. While receiving a notice from the IRS can produce a lot of worry and anxiety, there are alternatives to getting out of substantial tax debt. Tax resolution services like the ones available through Levy & Associates can repair your finances and reputation without losing personal assets.
Those that can cover the unpaid balance should do so immediately after receiving an IRS letter 1058. Once the balance is paid in full, the IRS will stop pestering you about the unpaid balance. However, if you do not pay off the balance within the legal timeframe and ignore warnings, the IRS will not go away.
An IRS seizure grants the agency the authority to take assets like vehicles and small businesses to recoup unpaid taxes. Those that cannot pay off the balance due in full may want to consider an installment agreement with the IRS.
In general, the IRS Installment Agreement is open to taxpayers that owe less than $50,000 yet the program was expanded in 2020 to assist those struggling to make ends meet because of the COVID-19 pandemic.
Establishing a payment plan with the IRS is the most logical and appropriate way to settle tax debt in a reasonable manner. It’s also the fastest way to get approved and can prevent an IRS seizure. On the other hand, those with large unpaid balances may find more solace in pursuing an Offer in Compromise.
Regardless of your path toward recovery, contacting Levy & Associates immediately after receiving IRS letter 1058 in the mail will help you avoid an IRS seizure.Contact us today for more information at 800-TAX-LEVY or contact us online.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.