Bob Jablonsky & Associates Blog

How to Stop the IRS from Taking Your Stuff

by | Oct 8, 2021

What To Do If You Receive the Final Notice of Intent to Levy From the IRS? 

I’m continuing to meet with more clients who have felt the IRS step up collections over the past few months.  A few months ago, we were seeing the IRS sending the CP504 notice.  That notice gives the IRS the ability to file a Federal Tax Lien over the taxpayer’s assets as well as the right to Levy their State Tax Refund.

When the taxpayer does not respond to the CP504 notice in a manner that is timely and acceptable to the IRS (such as setting up an acceptable arrangement), the IRS will next send a Final Notice of Intent to Levy.  This notice may come as an LT11 or Letter 1058.  While they have different numbers and come from different parts of the IRS, they are the same impact on delinquent taxpayers.

What Does the “Final Notice” allow the IRS to do?

If a Taxpayer does not respond to the “Final Notice” within 30 days and set up an acceptable payment arrangement with the government, the IRS now has the ability to file a Notice of Federal Tax Lien (NFTL) against the taxpayer.   The NFTL gives the IRS the right to levy or seize the assets of the taxpayer to pay-off the taxes due. 

Most typically we see this occur with bank accounts getting levied and wages being garnished.  However, the IRS has the power to seize homes and property, investment and retirement accounts, assets of a business, and even a portion of Social Security payments.  They can create a nightmare for the taxpayer.

What can you do if you receive the “Final Notice”?

You should contact the IRS to resolve your tax issue.  There are variety of resolutions including payments plans, settlements, penalty abatement and being classified as currently not collectible, to resolve your issue and stop levies.  The final notice of Intent to levy also gives the taxpayer Collection Due Process Rights (CDP rights) including the right to appeal if the IRS does not fairly work with you.  There are options to solve your problem so contact the IRS and work with them to come up with a resolution. 

Do You Need Professional Help?

If you owe the IRS and are looking for a tax professional to assist you in finding a reasonable and fair solutions to you tax debt, give me a call at (972) 821-1991 or send me an email at bob@jablonskyandassociates.com.  Learn more about us at https://jablonskyandassociates.com

Bob Jablonsky is the founder of Bob Jablonsky & Associates. He has spent his career helping taxpayers resolve tax issues and get back on track with the IRS. In addition to tax resolution his firm also prepares hundreds of tax returns every year for both individuals and small to mid-sized businesses.

Bob is an IRS Enrolled Agent (EA), which is an elite credential issued by the Internal Revenue Service to professionals who demonstrate special competence in federal tax planning, individual and business tax return preparation, and representation matters. An Enrolled Agent license is the highest credential awarded by the IRS and is recognized across all 50 states. Additionally he is a CMA, or Certified Management Accountant, a designation for financial controllers and CFOs (Chief Financial Officers), as well as an Advanced Certified Quickbooks Pro Advisor.

Get in touch

1900 Jay Ell Drive
Richardson, TX 75081

Bob@jablonskyandassociates.com

(972) 821-1991

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