Tax delinquency can be a very scary thing, and it can bring very real consequences for all taxpayers. The team of experts at Optima Tax Relief reviews the immediate actions a delinquent taxpayer should take if they receive a Letter1058 Notice or an LT11 from the IRS.
If you are one of the millions of Americans who owe money to the IRS, navigating through your tax debt – and understanding the steps you need to take to mitigate any additional consequences – can be daunting. The team of experts at Optima Tax Relief reviews the immediate action you should take if you receive either a LT11 Notice or a Letter1058 from the IRS. Many tax delinquent Americans may be tempted to ignore the debt but putting it off and not addressing the debt head on can inadvertently create a myriad of larger, harder to solve problems down the road. Ignoring your tax debt will not only make matters worse, it can trigger some very permanent consequences.
If you receive a LT11 or a Letter1058 Notice from the IRS, it could mean some of those consequences are just on the horizon. The IRS uses these two notifications to inform delinquent taxpayers that their property and property rights are in jeopardy because of the tax debt delinquency. Once these notices are issued, the IRS can begin placing levies on your personal assets, including your bank accounts, your car and even your home.
So what is the best thing to do if you receive one of these official notices from the IRS? Contact them immediately and make arrangements for payment. If your total tax liability is less than $50,000, and you are current on your filings, you could qualify for an installment payment plan to get you closer to eliminating your tax debt for good. You also have the right to request an appeal to the proposed levy action – and your IRS Notice will include the information needed to start the appeal process. The most important thing is to take action and stay in contact with the IRS throughout the process.
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