Friday, May 15, 2009

IRS Certified Mail – Your Last Chance

In my previous blog I compared certified mail from the IRS to a rattlesnake getting ready to bite. The IRS is getting ready to “bite” you when they send you a CP 504 letter. If you receive another piece of certified mail with “L1058” written on it then you know this is your last chance. If you do not respond to this letter you will get bit! Lions, snakes, dogs or anything with fangs are usually considered dangerous because of the damage a bite can do. The IRS is no different.

Their “bite” will not draw blood nor force you to seek immediate medical attention, but it will cause you equivalent pain financially. If this L1058 letter is not addressed immediately and effectively the financial effects can be dramatic. The IRS can attack all of the taxpayer’s sources of income, bank accounts as well as file a notice of federal tax lien against the taxpayer’s social security number thus laying claim to all property the taxpayer owns currently and any property the taxpayer may own in the future, not to mention the devastating effect the tax lien will have on the taxpayer’s credit score and subsequent ability to borrow money.

After income has been reduced and the ability borrow cut off this usually produces excruciating financial pain and can very difficult to correct. The best bet is to address the situation quickly before it becomes a problem. Lions, snakes, dogs or anything with fangs are best kept at a safe distance and preferably in a cage or somewhere else that would prevent a bite. Responding quickly to an L1058 letter from the IRS is the best way to avoid getting bitten by the razor sharp fangs of the IRS. Certified mail of this nature is best handled by a tax professional. Protect yourself! If you have received a letter like this call someone now and do not delay!

6 comments:

Nicholas Sullivan said...

There are certainly a lot of details like that to take into consideration. That’s a great point to bring up.

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darrell said...
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darrell said...
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Jensen said...

This is very interesting information. I am doing some research for a class in school. and i liked the post. do you know where I can find other information regarding this? I am finding other information on this but nothing that I can use really in my paper for my final. do you have any suggestions?

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Jensen said...

There are certainly a lot of details like that to take into consideration. That’s a great point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up where the most important thing will be working in honest good faith.

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Anderson said...

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