When you owe back taxes to the IRS, you can expect to receive several anxiety-inducing pieces of mail. Some of the most stressful of them all are coded with “1058” or “LT11” – the Final Notice of Intent to Levy.
These IRS letters 1058 and LT11 are notices that the IRS is required to send, by law, to inform Taxpayers of their intent to seize, levy, or garnish property and to inform them of their right to have a hearing before this collection activity begins.
These Final Notice of Intent to Levy notices provide for thirty (30) days to resolve the matter or to file a Collection Due Process Appeal (Form 12153). If the Taxpayer takes no action by the deadline, the IRS then could begin collections, which typically come in the form of a bank account levy or wage garnishment. The IRS can also file a Notice of Federal Tax Lien in the public records and notify the State Department of a Seriously Delinquent Tax Debt, which can result in passport issues.
So, what should a Taxpayer do when they’ve received an IRS letter 1058 or LT11? Act quickly! We recommend that you consult with a Tax Professional immediately, before the 30-day deadline has come and gone, to explore your options. If the balances the IRS says are owed are incorrect, that needs to be adjusted. If the balances are owed but cannot be paid, alternative options such as Installment Agreements, Offers in Compromise, etc. should be explored.
Need help addressing an IRS letter 1058 or LT11? Contact the Bryson Law Firm today!
