Introduction to IRS Letter LT11
Receiving an IRS Letter LT11, known as the 'Intent to Levy' notice, can be alarming. This article provides a comprehensive overview of what this letter entails, your rights, and the options available to you. Understanding this notice is essential to protecting your financial interests.
What is IRS Letter LT11?
Letter LT11 is a formal notification from the IRS indicating its intention to levy your assets, such as bank accounts or wages, due to unpaid taxes. The authority for these actions comes from the Internal Revenue Code Section 6331.
Your Rights Upon Receiving Letter LT11
- Right to a Hearing: You are entitled to request a Collection Due Process (CDP) hearing within 30 days of receiving the LT11 notice.
- Right to Representation: You can have a qualified tax professional represent you in communications with the IRS.
- Right to Appeal: If unsatisfied with the CDP hearing outcome, you can appeal to the Tax Court.
Steps to Take Upon Receiving an LT11 Notice
Here's a proactive approach to tackling Letter LT11:
- Review the Notice Thoroughly: Confirm the accuracy of the tax details mentioned in the LT11.
- Request a CDP Hearing: File Form 12153 to request a hearing. This must be done within 30 days to halt collection actions.
- Seek Professional Help: Consider consulting a tax professional to guide you through the process.
- Explore Payment Options: Engage with the IRS regarding payment plans, such as an installment agreement or Offer in Compromise.
What Happens If You Ignore Letter LT11?
Failure to respond to Letter LT11 can lead to the IRS proceeding with asset levies, which can significantly impact your financial situation. Immediate action is crucial.
Conclusion
Receiving an IRS Letter LT11 can be stressful, but understanding your rights and options can ease the pressure. Take prompt action to protect yourself and consider seeking professional assistance for a smoother resolution.
For expert guidance on handling IRS notices, visit our dashboard.