What to Do If You Receive IRS Letter 1058: A Guide to Protecting Your Assets
Getting a letter from the IRS can be nerve-wracking, particularly when it's a Letter 1058. As the IRS continues to enforce tax laws strictly in 2024, this is one of the more serious notices you might receive. If you find this letter in your mailbox, it's crucial to understand its significance and what actions you need to take to safeguard your assets. Advanced Tax Solutions is ready to assist you in navigating this challenging situation and guiding you through the necessary steps.
What Is Letter 1058?
Letter 1058, also referred to as the “Final Notice of Intent to Levy and Notice of Your Right to a Hearing,” is an official communication from the IRS that signals an outstanding tax debt. This notice serves as a final warning, indicating that the IRS is preparing to levy, or seize, your assets, which could include bank accounts, wages, or other property. The letter also informs you of your right to request a Collection Due Process (CDP) hearing, giving you a chance to contest the levy or explore alternative solutions.
Key Details of Letter 1058
When you receive Letter 1058, it’s crucial to pay close attention to the following details:
Receiving a Letter 1058 is a serious matter that requires immediate attention. Here’s what you should do:
At Advanced Tax Solutions, we specialize in resolving tax issues, including those involving Letter 1058. Here’s how we can assist you:
Facing a Letter 1058 can be daunting, but you don’t have to go through it alone. Advanced Tax Solutions is dedicated to providing personalized, expert guidance to help you protect your assets and find a resolution that works for you. Our deep knowledge of tax laws, proactive approach, and commitment to our clients’ success make us the trusted choice for navigating IRS challenges.
Take Action Today
If you’ve received a Letter 1058 from the IRS, it’s critical to act quickly. The sooner you address the issue, the better your chances of avoiding a levy and finding a manageable solution to your tax debt. Contact Advanced Tax Solutions today to learn more about how we can help you respond to a Letter 1058 and secure your financial future.
Remember, in the world of tax compliance, taking prompt, informed action is essential. Let ATS be your partner in navigating the complexities of Letter 1058 and beyond.
Go Back What Is Letter 1058?
Letter 1058, also referred to as the “Final Notice of Intent to Levy and Notice of Your Right to a Hearing,” is an official communication from the IRS that signals an outstanding tax debt. This notice serves as a final warning, indicating that the IRS is preparing to levy, or seize, your assets, which could include bank accounts, wages, or other property. The letter also informs you of your right to request a Collection Due Process (CDP) hearing, giving you a chance to contest the levy or explore alternative solutions.
Key Details of Letter 1058
When you receive Letter 1058, it’s crucial to pay close attention to the following details:
- Amount Owed: The letter will specify the total amount of tax debt you owe, including penalties and interest. This figure represents what the IRS expects to collect if you don’t take action.
- Timeframe for Action: You generally have 30 days from the date on the letter to request a CDP hearing. Failing to act within this window could result in the IRS moving forward with the levy.
- Right to a Hearing: The letter emphasizes your right to request a CDP hearing. This is a critical opportunity to present your case, propose a payment plan, or explore other resolution options to avoid asset seizure.
Receiving a Letter 1058 is a serious matter that requires immediate attention. Here’s what you should do:
- Don’t Ignore the Letter: The worst thing you can do is ignore a Letter 1058. The IRS is serious about collecting the debt, and inaction could lead to the seizure of your assets.
- Review Your Tax Situation: Take a close look at the details in the letter and compare them with your records. It’s essential to understand the nature of the debt and confirm whether it’s accurate.
- Request a CDP Hearing: If you believe there’s an error, or if you need more time to pay, request a CDP hearing within the 30-day window. This hearing is your chance to prevent the levy from taking place and to negotiate a more manageable solution.
- Seek Professional Help: Dealing with the IRS can be complex and overwhelming. This is where Advanced Tax Solutions can provide invaluable assistance.
At Advanced Tax Solutions, we specialize in resolving tax issues, including those involving Letter 1058. Here’s how we can assist you:
- Expert Review and Analysis: Our team will carefully review your Letter 1058 and your overall tax situation to ensure everything is accurate and to determine the best course of action.
- CDP Hearing Representation: If you request a CDP hearing, our experienced professionals can represent you, helping to present your case effectively and negotiate with the IRS on your behalf.
- Negotiation and Resolution: We will work directly with the IRS to explore options such as installment agreements, offers in compromise, or other resolutions that can prevent a levy and help you manage your tax debt.
- Long-Term Compliance Support: Beyond resolving the immediate issue, we offer ongoing support to help you stay compliant with tax laws and avoid future IRS actions.
- Uncollectable Status: If financial hardship is preventing you from paying your debt, we can help you apply for "Currently Not Collectible" (CNC) status. This status temporarily halts collection efforts, including levies or garnishments, providing you with relief until your financial situation improves.
Facing a Letter 1058 can be daunting, but you don’t have to go through it alone. Advanced Tax Solutions is dedicated to providing personalized, expert guidance to help you protect your assets and find a resolution that works for you. Our deep knowledge of tax laws, proactive approach, and commitment to our clients’ success make us the trusted choice for navigating IRS challenges.
Take Action Today
If you’ve received a Letter 1058 from the IRS, it’s critical to act quickly. The sooner you address the issue, the better your chances of avoiding a levy and finding a manageable solution to your tax debt. Contact Advanced Tax Solutions today to learn more about how we can help you respond to a Letter 1058 and secure your financial future.
Remember, in the world of tax compliance, taking prompt, informed action is essential. Let ATS be your partner in navigating the complexities of Letter 1058 and beyond.
