Any letter arriving by certified mail warrants close attention, but when you open IRS Letter 1058 – Final Notice of Intent to Levy, do not merely set it aside. This is the final communication from the Internal Revenue Service of their intent to initiate collection actions against you. If no action is taken within 30 days, the IRS can begin seizing your assets – bank accounts, real estate, vehicles, business accounts, personal property, even social security payments.
How Should I Respond to IRS Letter 1058?
Pay the Tax – Of course, if you are able to do so, you should contact the IRS immediately and pay the tax debt you owe. Send a check or money order for the full amount listed in the letter payable to the United States Treasury. Always be sure to include your social security number or Employer Identification Number on the mode of payment and include a copy of the Letter 1058 you received. There are also options to pay online. Full payment of your outstanding tax debt will remove all liens and other pending actions against your personal and business assets.
File an Appeal – The law allows a period of 30 days in which you may file an appeal with the IRS concerning their intent to levy. This appeal suspends the levy process, enabling you to protect your assets from the IRS while negotiating a solution for your tax debt. After filing an appeal, the IRS will generally take 3-5 months for processing. Information about how to file an appeal is contained in the Letter 1058 you received. Follow the instructions carefully in order to obtain a successful appeal. Mistakes can delay or invalidate the appeal process, leaving your assets open to seizure.
Where Do I Begin?
Letter 1058 – Final Notice of Intent to Levy is likely the most important letter you will receive from the IRS. Without this legal notification, they cannot seize your personal or business assets. After you have received this letter, you must research the basis for the tax debt and gather all related financial records. These documents will be necessary in order to formulate any negotiation or installment agreement with the IRS to avoid seizure of your assets.
Unless you pay the outstanding debt in full or file an appeal, it will be necessary to complete Form 433-A or Form 433F to fully disclose your assets and sources of income to the IRS. The research and documents you gather will provide all you need to fill out these forms, and the IRS provides instructions with each. In addition, a wise course of action would be to compare your financial records with IRS transcripts to ensure both parties are in agreement regarding the amounts in question.
Professional Tax Help
The necessary documentary evidence required for any action involving the IRS can quickly become complicated and even overwhelming. When faced with pending IRS levy actions, you need a trusted tax professional who is familiar with tax law and taxpayer rights to guide you successfully through the negotiating process.
Reliance Tax Group has the requisite experience and expertise to sift through reams of data and compose the most advantageous arsenal with which to negotiate your case with the IRS. Our tax professionals serve you on a flat fee basis, never complicating your financial burden with rapidly accumulating hourly charges or hidden fees.
If you have received IRS Letter 1058 – Final Notice of Intent to Levy, contact us online or call (720) 452-2915 right away to schedule your free consultation. Every passing day means less time to construct a solid case. Call today.