What Should You Do If the IRS Sends You a Form LT11 – Final Notice of Intent to Levy?


by Dawn Allcot on February 21, 2020  0 Comment

What Should You Do If the IRS Sends You a Form LT11 – Final Notice of Intent to Levy?
An LT11 form is a final warning from the IRS that they can issue a levy against your assets and file a Notice of Federal Tax Lien against your property if you don’t pay your tax debt. Chances are, you’ve received several IRS notices before the LT11 notice lands in your hands. If you cannot pay your delinquent tax debt, do not ignore the notices; contact a tax professional to assist you with tax debt relief. Unpaid tax debt is no joke and it’s not something you want to ignore. If you don’t respond to the IRS by paying your tax bill or calling to negotiate a payment plan when you receive your first tax bills for unpaid taxes, the ...

What Can You Do If You Receive Notice CP523 from the IRS?


by Dawn Allcot on February 19, 2020  0 Comment

What Can You Do If You Receive Notice CP523 from the IRS?
If you miss a payment on your IRS installment agreement, you’ll receive form CP523 – Intent to Levy & Intent to Terminate Your Installment agreement. It’s important to address this notice by making a payment by the deadline printed on the letter, usually within 30 days from when you received the letter. If you can’t make the payment, contact the IRS. You may be able to negotiate to have your installment agreement reinstated to avoid further collections action. The IRS often provides installment agreements or payment plans for taxpayers in arrears. You can pay off your tax debt in manageable monthly payments, based on your income and expenses. But sometimes, financial difficulties arise and you can’t make the monthly payment ...

What Happens If You Receive an IRS CP501 or CP502 Notice?


by Dawn Allcot on February 17, 2020  0 Comment

What Happens If You Receive an IRS CP501 or CP502 Notice?
A CP501 Standard IRS Bill is the first notice of unpaid tax debt. It's essential to pay your bill by the due date listed on the CP501, otherwise your tax debt will continue accruing interest and penalties and you’ll receive a CP502 Balance Due Reminder. If you can’t afford to pay your bill by the due date, contact a tax professional to help you negotiate a viable payment plan with the IRS.   If you have a federal tax bill you have forgotten to pay, you owe taxes that you can’t afford to pay, or you have unpaid federal taxes for any reason, you may receive a CP501 – Standard IRS Bill (1st Notice). The IRS usually sends these bills ...

What Should You Do If You Receive an IRS CP504 Form?


by Dawn Allcot on February 12, 2020  0 Comment

What Should You Do If You Receive an IRS CP504 Form?
The IRS has a specific process if they are trying to collect unpaid tax debt from business owners or individual taxpayers. The CP504 – Intent to Levy State Tax Refund or Other Property should be the fourth notice you receive regarding delinquent taxes. Before you receive a CP504 notice, the IRS will send a: CP501 – IRS Standard Tax Bill (First Notice) CP502 – Balance Due Reminder Notice CP503 – Second Reminder About Unpaid Taxes The IRS delivers all correspondence via registered mail with a signature required. If you somehow missed all these notices, decided to ignore them, or just don’t have the money to pay your tax debt and are now in a panic, don’t worry. Yes, a CP504 ...

What Can You Do If You Receive a CP503 Form from the IRS?


by Dawn Allcot on February 10, 2020  0 Comment

What Can You Do If You Receive a CP503 Form from the IRS?
If you have unpaid federal taxes and you did not respond to IRS form CP501, your first notice about past due taxes, you will receive CP503 – Second Reminder About Unpaid Taxes. To avoid further IRS action, you should take care of the CP503 within 10 days. If you can’t pay your delinquent taxes, consider consulting a tax professional to negotiate a payment plan or reduce your tax debt. What is IRS Form CP503? If you receive a CP503 – Second Reminder About Unpaid Taxes from the IRS, it’s imperative you address the tax bill immediately. A CP503 is a letter the IRS sends via certified mail to inform you that you have an unpaid tax debt. The year from ...

What Can You Do If You Receive IRS Form LT16?


by Dawn Allcot on January 29, 2020  0 Comment

What Can You Do If You Receive IRS Form LT16?
You could receive IRS Form LT16 if you have unpaid tax debt and also failed to file your tax returns on time. You have just 10 days to respond to an LT16 notice. Consider seeking help from a tax expert if you are missing tax returns and also owe back taxes to the IRS. The IRS will send you Form LT16 if you have overdue taxes and are also missing tax returns from recent years. Receiving a form LT16 almost always requires a call to the IRS to straighten out the situation. Unlike many IRS collections notices, IRS Form LT16 – Your Account Has Been Marked for Enforcement Action, comes with a very short deadline. Instead of the usual 30 ...

What Is IRS Tax Debt Resolution & 5 Best Methods to Defeat the IRS


by John Paul Schmidt on January 07, 2020  0 Comment

What Is IRS Tax Debt Resolution & 5 Best Methods to Defeat the IRS
The first question people who find themselves in IRS tax debt should ask is "Can I get IRS tax resolution?" The short answer is this: there are IRS tax resolution programs to help people in tax debt reduce their amount owed or make their tax debt more manageable. There are many companies that offer services that claim to do this for you — some of them reputable and some of them less so. Our team at Solvable aims to give you the tools you need to figure out which of these companies you can trust. If you're looking for ways to reduce the burden of your IRS tax debt, there are tax resolution companies that can help you. If you ...

What Are The Top 4 IRS Tax Forgiveness Programs in 2020?


by Anna Kuehl on January 07, 2020  0 Comment

What Are The Top 4 IRS Tax Forgiveness Programs in 2020?
It can happen to anyone. You do your best to file your tax returns on time and pay what you owe, but you just can't keep up with your tax bills. Whether your tax debt has grown over time or a major life event has impacted your finances, it might seem like you'll never be able to pay your IRS tax debt. No matter what kind of tax issues you're dealing with, you could be eligible for tax forgiveness. If you're wondering what the IRS tax forgiveness program is, we've got you covered. We'll walk you through your options and help you understand the steps to take to tackle your tax debt. Find out how IRS tax forgiveness works and ...

6 Steps to Prepare for Filing an IRS Offer in Compromise in 2020


by Jill Bridges on December 23, 2019  0 Comment

6 Steps to Prepare for Filing an IRS Offer in Compromise in 2020
It can happen to anyone, and in fact, it happens to thousands of people every year. Tax time comes along, you file as you're supposed to, and the shocker comes when you discover you're thousands of dollars underwater. You don't know how you can possibly pay, and you don't want to find out the consequences of not paying. What can a person do? One of the lesser-known but more attractive options is one that allows the taxpayer to meet their obligations by paying less than the total amount owed. This program is called the IRS Offer in Compromise. This article will provide IRS Offer in Compromise tips and tricks by examining the in-depth process by which you can apply for, ...

Top 10 Methods to Stop an IRS Tax Levy or State Tax Levy


by Anna Kuehl on December 23, 2019  0 Comment

Top 10 Methods to Stop an IRS Tax Levy or State Tax Levy
Even if you've tried your hardest to pay your back taxes, it isn't always easy to handle past-due taxes. Unfortunately, the more behind you get on your taxes, the more options the Internal Revenue Service (IRS) has to collect what you owe. Finding out that the IRS has placed a tax levy on your property is never the kind of news you want to receive, but it doesn't have to be as final as you might think. If you've received a tax levy notice from the IRS or if you're wondering how to stop a state tax levy, you have several helpful options to consider. Find out how an IRS tax levy affects your finances and learn how you can stop a ...

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