The IRS will send you Notice LT11 if they haven’t received any payment from you for your overdue taxes. The letter is to advise you of their intent to seize your property or rights to property.
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SO WHAT ACTION SHOULD YOU TAKE?
If you have already paid
If you already paid in full or think the IRS hasn’t credited a payment, send proof of that payment to the IRS at the address on the notice.
You’ll then want to follow up with the IRS. Call them to ensure they have received your payment and have properly applied it to your account.
If you haven’t paid, or can’t afford to pay
Interest and applicable penalties will continue to accrue until your balance is paid in full.
The IRS says you can “Quickly and easily, pay your balance online”! I’m guessing that if you haven’t paid yet, you can’t afford to. An error a lot of people make at this point is borrowing money from a friend or family member to pay off the balance. This is not a good idea…
Why? If you can’t afford to pay your tax due, this is the best time to negotiate with the IRS. Not later, when you could have more money in the bank…
When trying to negotiate payment options with the IRS, they will look at your current assets and liabilities. The less you have, the less you can afford to pay.
TAX NEGOTIATION OPTIONS
Below are the most common tools used to negotiate a debt or repay it over time. A legal opinion may be helpful to find and implement the optimum course of action.
An Installment Agreement is a monthly payment program
An Offer in Compromise is a one time lump sum payment, negotiated down from the current amount you owe
Currently non-collectible will put the IRS at bay for a while
Sometimes, bankruptcy can discharge certain IRS tax debts
First time penalty abatement can lower the amount you owe
There is only a certain amount of time that the IRS has to collect on the tax debt. This is called a CSED (Collection Statute Expiration Date). Learn how we can find out how much time the IRS has to collect on your debt by clicking here.
You might not actually owe the tax! If you think the tax has been calculated incorrectly, you may be able to prevail in an audit reconsideration.
IF YOU DON’T AGREE!
Sometimes, the IRS can make mistakes. Perhaps you don’t agree with the amount owed, or you have already paid but the IRS applied your payment incorrectly.
You can request an appeal to the proposed levy action by following the instructions on the letter.
Learn more about the Collections Due Process Hearing here
What happens if I don’t respond to this letter or don’t pay?
The IRS can attach a levy to your wages or bank accounts up to the amount owed. They can also take enforced collection action to collect the amount including the filing of a Notice of Federal Tax Lien. A lien is a public notice to your creditors that the government has a right to your interests in your current assets and any assets you acquire after they file the lien.
Unfortunatley, this can affect your credit score and your ability to get credit.
Depending on the amount you owe, your US passport may also be at stake. The IRS has the ability to revoke or deny your passport. Learn more about that law here.
WHAT KINDS OF PROPERTY CAN THE IRS LEVY?
Property can include wages and other income, bank accounts, business assets, personal assets (including your car and home), Alaska Permanent Fund Dividends and state tax refunds, and Social Security benefits.
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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