IRS Letters can be scary! Understand them & be prepared!
IRS Letters That Take You by Surprise!
There are many IRS letters you will get throughout your life. Usually, they are sent in regard to mundane details such as adjustments to your refund. Once in a while, you get one that takes you by surprise. Usually, these letters are regarding a high tax debt or make aggressive threats. On this page, we will discuss three such IRS letters and what you need to know about them.
IRS Letters: 1058
If you receive one of these IRS letters, you are entering the latter stage of the collection process. This letter states that the IRS intends to levy against your bank accounts, wages, or other assets. You have 30 days from the date on these IRS letters to either pay the debt in full or enter into an agreement. Many people ignore these IRS letters, because it gives them 30 days like most tax debt reminder notices. However, these IRS letters are usually followed by a Final Intent to Levy Notice. Often, it is too late to avoid levies once the final notice is received.
IRS Letters: 2603C
If you entered into an installment agreement, you probably did so to avoid collective actions such as levies and liens. Unfortunately, an installment agreement only fully protects you from tax liens if you owe less than $25,000. Sometimes, the IRS will still place a lien to secure your debt. If you receive one of these IRS letters, this is what has happened to you. If you want to avoid a lien being placed, you can request a release or appeal a lien. However, you must do this before the deadline given on these IRS letters.
IRS Letters: CP523
These threatening IRS letters are very serious and certainly come as a surprise to many who receive them. It states that you defaulted on your installment agreement and the IRS will seize your assets. There are numerous ways someone can default on an installment agreement and not know it. You may owe for another year not covered on your installment agreement or have been late on several payments. Once you receive these IRS letters, you have very little time to reinstate your agreement and avoid aggressive IRS action.
These are just a few examples of IRS letters you may be stunned to find in your mailbox. However, there are countless IRS letters that you may need help with. Consult a professional. Call now or fill out the form below for a free tax debt consultation to help you understand your IRS letters and what you need to do! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.
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