IRS Letter LT16


IRS Letter LT16

Have you received IRS Letter LT 16 or Notice LT16?  It would say something to the affect of “Your account has been assigned for enforcement action. Please call us about your unpaid taxes”.

If you have received this letter from the IRS, then enforcement action is imminent and the last thing you want to do is nothing. The letter instructs you to call them.

So what happens when you call? First you will wait on hold for anywhere from 30 minutes to an hour and a half. Hopefully their system sends you to someone with the authority to help you.  Small balances can be handled without much trouble. However if you owe tens of thousands of dollars, then you may get an aggressive IRS representative who will compel you to agree to a payment plan you may not be able to afford. They will also threaten enforcement such bank levies and wage garnishments if you do not comply with their demands. You will need to provide a financial statement (Form 433-A or Form 433-F) to determine what “your ability to pay” is. If you have any outstanding (un-filed) returns, you will be required to file them before any resolution can be obtained.

If you are in this situation, you may want to consider hiring a tax professional like the tax Enrolled Agents and enrolled agents at Phoenix Financial Group. They can do the legwork for you.  They can help you with tax return preparation and negotiate an affordable Installment Agreement. We can also submit a penalty abatement request to try and reduce the size of your tax debt.

Phoenix Financial Group can help you with both business and personal tax debts. Give them a call at (888) 572-2179 or send an email to info@pfgtax.com.