Stay Alert on the Letter You might Receive
Receiving a letter from IRS is scary enough to make people shiver from reading it properly. Here are a few details of which letter indicates which procedure. Click here to learn in detail about these letters.
Notice of Intent to Levy, Form CP504
Since taxpayers with outstanding taxes receive the CP504, many people are likely familiar with it. It basically serves as a warning that the IRS will seize your property if you don’t pay your tax due.
CP91 – Intent to Levy on Benefits of Social Security
When the IRS sends you a CP91 letter, they are warning you that they may deduct up to 15% of your social security payments if you don’t pay your back taxes. They have 30 days to do this before they may ultimately levy your social security.
If you receive a Letter 2050 from the IRS, it signifies that they want to speak with you about any past-due taxes or tax returns. You can phone back any of the IRS Collections listed in the letter. Most likely, the IRS has previously sent you additional notices of levy, such as a CP504, if you receive a Letter 2050.
Receiving an LT-11 indicates that the IRS plans to seize your property or property rights. Before they can do anything, you have 30 days. Wages, your bank account, personal and corporate assets, and pension benefits are all subject to seizure by the IRS.
IRS Letter No. 1058
A sort of letter used as a final notification to seize your assets or property is an IRS Letter 1058. Your bank account, earnings, or pension may be levied. The letter also indicates that you have 30 days to file an appeal if you disagree with their plan to levy.