Understanding IRS Notices
IRS Letter 903
This letter is designed to let you know that the IRS is aware of your back taxes. At its arrival, no consequences are to be expected, for the moment. Waiting too long to make the necessary changes to your payroll tax situation could result in harsh penalties. These could be: "prompt assessment of unpaid liabilities", as well as civil or even criminal action, if necessary.
Contact us to learn about which options you have for resolving this situation.
CP-504, Notice of Intent
A CP-504, Notice of Intent is a precursor to a Final Notice of Intent to Levy, which will likely be received in 30-days or less. It’s important you start thinking of how you want your case resolved at this point, because the IRS is posturing for enforcement actions; i.e. levies, garnishments and/or seizure of assets.
A CP-504, Notice of Intent is a precursor to a Final Notice of Intent to Levy, which will likely be received in 30-days or less. It’s important you start thinking of how you want your case resolved at this point, because the IRS is posturing for enforcement actions; i.e. levies, garnishments and/or seizure of assets.
LT-11 or 1058-Final Notice of Intent to Levy
If you have received any letter via certified mail, it is important you take time to understand what is being said. The IRS will send various letters, and some require immediate attention! If you have received an LT-11 or a 1058-Final Notice of Intent to Levy, you have 30-days from the date of the notice to file an appeal to protect yourself from levy action. If you file outside of the 30-day window, you can still file an Equivalency Hearing; however, you will lose your right to petition in tax court and you will not be given a hold of enforcement action while in appeals.
If you have received any letter via certified mail, it is important you take time to understand what is being said. The IRS will send various letters, and some require immediate attention! If you have received an LT-11 or a 1058-Final Notice of Intent to Levy, you have 30-days from the date of the notice to file an appeal to protect yourself from levy action. If you file outside of the 30-day window, you can still file an Equivalency Hearing; however, you will lose your right to petition in tax court and you will not be given a hold of enforcement action while in appeals.
668-W Notice of Levy on Wages, Salaries and Other Income
This type of levy is continuous and will attach to any ongoing money your receive, i.e. paychecks, distributions, social security checks, and even your merchant account/credit card processor. There is not a deadline to have this released and typically Capstone Tax Consulting can get this type of levy released before your next check is cut.
This type of levy is continuous and will attach to any ongoing money your receive, i.e. paychecks, distributions, social security checks, and even your merchant account/credit card processor. There is not a deadline to have this released and typically Capstone Tax Consulting can get this type of levy released before your next check is cut.
668-A, Notice of Levy
If you overlooked filing an appeal for the received LT-11/1058-Final Notice of Intent Levy or the intent notice was returned to the IRS for non-signature, they now have the authority file tax levies. A 668-A, Notice of Levy is a one-time levy that can attached checking & savings accounts for individuals and businesses. Additionally, the IRS can levy your accounts receivables and damage business relationships. Thankfully, Capstone Tax Consulting specializes in releasing these and getting our client their money back! In most cases we only have 21-days to release account levies so it’s important to act quickly when a levy has been issued against you.
If you overlooked filing an appeal for the received LT-11/1058-Final Notice of Intent Levy or the intent notice was returned to the IRS for non-signature, they now have the authority file tax levies. A 668-A, Notice of Levy is a one-time levy that can attached checking & savings accounts for individuals and businesses. Additionally, the IRS can levy your accounts receivables and damage business relationships. Thankfully, Capstone Tax Consulting specializes in releasing these and getting our client their money back! In most cases we only have 21-days to release account levies so it’s important to act quickly when a levy has been issued against you.
Capstone's Areas of Expertise Include:
—
TAX NEGOTIATION
Tax knowledge is of course vital, but the ability to strategically convey it and win the day, is a science or art form!
ASSET PROTECTION
We provide security that your assets and income are fully protected from levy or garnishment while vulnerable!
AUDITS & REVIEWS
Not being prepared for an audit, or review, or simply having the wrong representation can cost you everything!
TAX PREPARATION
We prepare and file all forms of personal and corporate tax returns. As well as self-employment and withholding tax
