Getting a letter from the IRS can be unsettling, especially when it’s an LT11 notice. If you’ve received this letter, it means the IRS is taking your unpaid taxes seriously, and they may be preparing to take collection actions against you. But before you panic, let’s break down what an LT11 letter is and what you should do next.
What Is an LT11 Letter?
An LT11 letter, also known as a Final Notice of Intent to Levy, is a formal warning from the IRS that they plan to seize your assets if you don’t take action to resolve your tax debt. This can include things like:
- Wage garnishment
- Bank account levies
- Seizure of property or other assets
The IRS sends this notice after previous attempts to collect your tax debt have failed. Once you receive the LT11, the IRS gives you 30 days to respond before they proceed with the levy.
Why You Should Act Immediately
The LT11 letter is not just another warning—this is the IRS’s final step before taking serious action. Ignoring it can have significant consequences:
- Loss of income: The IRS can garnish your wages directly from your employer, leaving you with less take-home pay.
- Frozen bank accounts: They can take money from your bank accounts, potentially leaving you without funds for daily expenses.
- Seized property: In extreme cases, the IRS can seize your property, including cars, homes, or business assets.
How a Tax Resolution Expert Can Help
If you’ve received an LT11 letter, don’t try to handle it alone. A tax resolution expert can step in and protect your assets while helping you resolve the issue. Here’s how:
- Immediate Action: They can communicate with the IRS on your behalf to stop the levy before it starts.
- Negotiation: A tax expert can negotiate for alternative solutions, such as an installment agreement or an offer in compromise, reducing the amount you owe.
- Appeals: You have the right to appeal the IRS’s decision, and a tax resolution expert can guide you through this process, ensuring you take the correct steps.
Avoiding Future Tax Issues
Receiving an LT11 letter means it’s time to take your tax obligations seriously, but it’s also an opportunity to get on the right track for the future. A tax resolution expert can help you set up systems to prevent future IRS collection actions, whether that means catching up on unfiled returns, setting up manageable payment plans, or educating you on best tax practices.
Fine and Clear Tax Solutions: Your Trusted Partner
At Fine and Clear Tax Solutions, we understand how stressful it is to receive a notice like the LT11.
Our team is dedicated to protecting your assets and resolving your tax debt quickly and efficiently. With a personalized approach, we work to stop IRS actions and find a long-term solution that fits your financial situation.
If you’ve received an LT11 letter, don’t wait—contact Guy Finocchiaro, CPA, at Fine and Clear Tax Solutions today. Let us help you protect your assets and resolve your tax issues before it’s too late.
