It is A Serious Matter Requiring Immediate Attention
Understanding the Implications of IRS Letter LT11
If you’ve received an IRS Letter LT11, it’s crucial to take immediate action. This letter is a serious warning from the IRS that they intend to seize your property, including wages, bank accounts, and assets, to collect an outstanding tax debt.
What Does LT11 Mean?
- Final Notice: This is the last notification before the IRS takes steps to collect the debt.
- Immediate Payment or Arrangement: You must pay the full amount due or set up a payment plan to avoid seizure.
- Right to a Hearing: You have the right to request a hearing to dispute the debt or negotiate payment terms.
Why is LT11 so Serious?
It is their last legal lletter required to be issued before they can take more drastic collection efforts, including:
- Wage garnishment: The IRS can directly deduct a portion of your paycheck to satisfy the debt.
- Bank account levies: The IRS can seize funds from your bank accounts.
- Asset seizure: The IRS may seize your property, such as vehicles or real estate.
Steps to Take When Receiving an LT11 Letter
- Review the Letter Carefully: Understand the amount of the debt they are claiming you owe, which tax years it for and compare to your records.
- Contact your tax preparer: See if they agree with the amount they claim you owe.
- Seek Professional Advice: Contact a reputable Tax Problem Solving Company such as us at WesTax, Inc @ 941-893-1791. We’ll provide a no charge no obligation consultation to help you understand your options. If we can help you, we’ll let you know exactly how and at what cost. Some of the services we provide include: Preparation of Unfiled Income Tax Returns, Penalty Reduction, Offers in Compromise, Payment Plans, Financial Hardship Plans, Wage Garnishment/Bank Levy Releases, Audits and IRS Appeals.
Check out our blog www.westaxinc.com/blog for more tax tips and info. Contact us at maurie@westaxinc.com or 941-893-1791 if you need immediate assistance.
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