Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
LETTER 1058
IRS Letter 1058, also known as the “Final Notice of Intent to Levy and Notice of Your Right to A Hearing,” is a serious notice from the Internal Revenue Service (IRS) indicating that they intend to seize your property or rights to property due to unpaid tax liabilities. This includes your salary, wages, bank accounts, business assets, personal assets, and social security benefits.
Reasons why it happened:- You have unpaid federal taxes.
- You have not responded to previous IRS notices about your unpaid taxes.
- You have not made arrangements to pay your unpaid taxes.
- The IRS has determined that you are not likely to pay your unpaid taxes in full.
- Contact the IRS immediately. The IRS is willing to work with you to resolve your tax debt. They may be able to offer you a payment plan or other options to help you pay your taxes.
- Gather all of your tax information. This includes your tax returns, any correspondence you have received from the IRS, and any other documents that support your tax liability.
- Review your tax liability. Make sure that you understand how much you owe the IRS.
- Determine if you have any defenses to the IRS’s collection efforts. For example, if you are currently experiencing financial hardship, you may be able to request a temporary delay in collection.
- Consider speaking with a tax professional. A tax professional can help you understand your options and negotiate with the IRS on your behalf.
- File your tax returns on time and pay your taxes in full.
- If you are unable to pay your taxes in full, contact the IRS immediately to discuss your options.
- Respond to all IRS notices promptly.
- Keep the IRS informed of any changes in your address or phone number.
- Be polite and respectful.
- Be prepared to answer questions about your tax liability.
- Be honest and forthright.
- Keep copies of all correspondence with the IRS.
- Follow through on any commitments you make to the IRS.
Important Tip: Not sure where to begin? Try our Tax Relief Finder tool. It helps you find IRS programs and gives recommendations for the best solution. Learn about our - Tax Relief Program Finder
Important Tip: Understanding the Tax-Relief process is an essential resource for individuals dealing with tax debt. It offers a road map guide, simplifying the steps needed to resolve tax-related issues- Tax-Relief Process
Ask Mike
You can now ask our AI assistant any questions you have about your tax debt or any tax-related issues. Whether you’re unsure about payment plans, need clarification on penalties, or want information on how to resolve your tax situation. Our AI is ready to assist you with all your tax-related concerns.
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Recent Posts
Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
Substitute for Return ( SFR )
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
Has my tax debt statute of limitations expired?
Click to ask Mike Ask Mike The Internal Revenue Service typically operates within a 10-year window, commencing from the
The Three Types of IRS Statute of Limitations
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) operates within specific timeframes dictated by statutes of limitations
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Click to ask Mike Ask Mike understanding the ins and outs of the 10-year statute of limitations (SOL) is essential.
Disclaimer: This is educational content, not legal, accounting, or tax advice.
