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Ensuring Compliance: Understanding LT11 Notice or Letter 1058 from the IRS

Receiving a notice or letter from the IRS regarding overdue taxes can be a worrisome experience. The LT11 Notice or Letter 1058 indicates that the IRS has not received your payment and intends to take action to seize your property or rights to property. It is essential to address this notice promptly and take the necessary steps to resolve the outstanding tax balance. In this blog post, we will provide you with important information about the LT11 notice, explain what you need to do, and offer valuable tips to help you navigate this situation effectively. 

LT11 Notice or Letter 1058: Understanding the Purpose

The LT11 notice or Letter 1058 is a communication from the IRS notifying you that your payment for overdue taxes has not been received. It serves as a warning that the IRS intends to seize your property or rights to property unless immediate action is taken. Ignoring this notice can lead to severe consequences, including the loss of your assets. It is crucial to address the situation promptly and communicate with the IRS.

What You Need to Do: Steps to Resolve the Issue

To address the outstanding balance indicated in the notice or letter, follow these essential steps:

1. Paying your unpaid balance

Paying your balance in full is the most effective way to stop the accrual of interest and applicable penalties. You can conveniently pay your balance online through the IRS website. To determine the exact amount you owe, refer to the instructions in the notice or letter. If you cannot pay the full amount, make a partial payment now. Even partial payments can help reduce the amount of interest and penalties added to the remaining balance.

2. Request an installment agreement

If you are unable to pay the full balance, you can request an installment agreement to pay the remaining balance over time. If you owe less than $50,000, the fastest way to set up an installment agreement is by using the Online Payment Agreement tool available on the IRS website. For those unable to apply online, contact the phone number provided on the notice or letter or submit an installment agreement request by mail.

3. Submit proof of payment

If you have already paid the balance in full or believe that a payment has not been properly credited to your account, it is essential to provide proof of payment to the IRS. Send the necessary documentation to the address specified at the top of the notice or letter. This will help resolve any discrepancies and ensure that your account reflects the correct payment status.

4. Contact the IRS if unable to pay

If you are unable to pay the balance due, it is crucial to contact the telephone number provided on the notice or letter. Communicating with the IRS allows you to discuss your financial situation and explore possible alternatives. The IRS may offer options such as an installment agreement or temporary hardship suspension of collection activity.

By following these steps, you can take proactive measures to address the outstanding balance and work towards resolving the issue with the IRS.

Tips to Streamline the Process

To make your experience in handling an LT11 Notice or Letter 1058 from the IRS more efficient and effective, consider the following tips:

  1. Utilize the Online Payment Agreement tool: For balances under $50,000, take advantage of the Online Payment Agreement tool on the IRS website. It is the quickest and most efficient way to set up an installment agreement.
  2. Keep thorough records: Maintain detailed records of your payments, including receipts, transaction confirmations, or bank statements. These records will serve as evidence in case of any discrepancies.
  3. Act promptly: Respond to the LT11 notice or Letter 1058 without delay. Ignoring the notice may result in more severe consequences and additional penalties.
  4. Seek professional assistance: If you encounter challenges or need guidance throughout the process, consider reaching out to Priority Tax Relief, your trusted tax service provider. Their expertise and experience can help you navigate the complexities of dealing with the IRS and protect your financial interests.

 

By following these tips, you can streamline the process and ensure a smoother resolution of your tax obligations.

Protect Your Assets: Resolving an LT11 Notice or Letter 1058 from the IRS with Priority Tax Relief

Receiving an LT11 Notice or Letter 1058 from the IRS demands immediate attention. It indicates an unpaid tax balance and the potential for property seizure. Paying the balance in full or establishing an installment agreement are crucial steps to prevent further penalties. Remember to submit proof of payment if applicable and communicate with the IRS if you are unable to pay. Priority Tax Relief, a trusted tax service provider, is here to assist you every step of the way. Prioritizing prompt action will help protect your assets and maintain compliance with tax obligations.

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FAQs

 The simple answer is no. A business and a person are completely separate, thus, any personal tax debts or liabilities should not affect your business.

Tax debt can be an exhausting and complicated thing to deal with on your own. Communicating with the IRS and professionally handling your tax liabilities are just two of the services companies like Priority Tax Relief can offer.

No. The IRS’s Innocent Spouse Relief protects you from paying these additional taxes. However, this does not relieve you from household employment taxes, business taxes, individual joint responsibility payments etc. Priority Tax Relief helps you learn more about innocent spouse relief.

The most popular option to date would be an Offer In Compromise (OIC). At Priority Tax Relief, we help tax relief help become more accessible to taxpayers in need and help them understand how they can qualify for these options.

IRS tax liens are legal claims on your property when you do not settle your tax debts. The IRS usually sends out a notice when no payment has been made after a liability assessment. Find out more about tax liens with Priority Tax Relief.

Yes. Not only can the IRS put a claim on all your current property, tax liens can also affect any property or intangible or tangible assets that you obtain in the future. At Priority Tax Relief, we help you understand federal tax liens and how to communicate with the IRS.

 

Tax levies are the actual seizure of your property and are different from legal claims or tax liens. Settle your taxes before the IRS sends out a notice. Priority Tax Relief helps you understand tax levies and how you can avoid them.

Yes. Not only can they seize physical property but they can also legally take hold of the money in your bank account and other wages. To avoid this from happening, contact Priority Tax Relief now.

Your debt will, unfortunately, continue to grow and you will possibly lose a great number of your assets. It is definitely a scenario we do not wish to see happen to anyone, that’s why Priority Tax Relief makes sure that our help becomes within reach.

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