NOTICE LT26

IRS Notice LT26 is a letter sent to taxpayers who have not filed one or more tax returns. The notice warns the taxpayer that they have 10 days to file the unfiled return before the IRS files a substitute return for them.

You may have received IRS Notice LT26 for one of the following reasons:

• You have not filed a tax return for one or more years.
• The IRS did not receive your tax return by the due date.
• You filed a tax return, but it was incomplete or inaccurate.
• You failed to respond to previous notices from the IRS regarding your unfiled tax returns.

If you receive IRS Notice LT26, you should take the following steps:

1. Read the notice carefully to understand what the IRS is asking you to do.
2. Gather all of the necessary documents to file your unfiled tax returns. This may include W-2 forms, 1099 forms, and other income and expense records.
3. File your unfiled tax returns as soon as possible. You can file your returns electronically, by mail, or by fax.
4. If you owe taxes, pay as much as you can as soon as possible. You can pay your taxes online, by mail, or by phone.
5. If you cannot pay your taxes in full, you may be able to set up an installment agreement with the IRS.

What are the consequences of not filing my tax returns:

If you fail to file your tax returns, you may be subject to the following penalties and interest:

• A late filing penalty of 5% of the unpaid taxes for each month the return is late, up to a maximum of 25%.
• A late payment penalty of 0.5% of the unpaid taxes for each month the payment is late, up to a maximum of 25%.
• Interest on the unpaid taxes at the applicable federal interest rate.

In addition to penalties and interest, the IRS may also take other enforcement actions against you, such as filing a lien on your property or levying your bank account.

The best way to avoid receiving IRS Notice LT26 is to file your tax returns on time and accurately each year. If you are unable to file your tax returns on time, you should contact the IRS to request an extension.