IRS Currently Not Collectible Status, What Is It and What Do I Need to Know?
Currently Not Collectible status, or Status 53 as it also known, is an interesting resolution option. In a Currently Not Collectible (CNC) status, the IRS is convinced that you cannot make any payments. The downside is interest and penalties continue to accrue. The IRS reserves the right to request a periodic review of your current […]
The 2014 Personal Return Filing Deadline Is Up! What If I Did Not File?
With the exception of those who live in a Presidentially Declared Disaster Area, the deadline for the 2014 personal return will end on October 15, 2015. Please know that if you are located in one of the Presidentially Declared Disaster Areas you MUST request an additional extension as allow based upon additional time allowed in […]
5 Tips For Filing Back Tax Returns
If you have unfiled back taxes and the IRS hasn’t begun to actively collect for these returns, begin by seeking out Legacy Tax & Resolution Services. If the IRS has not already filed Substitute For Return(s), we would likely advise you to file the returns. If the IRS has already filed Substitute For Return(s), your […]
Unfiled Returns
Question: I haven’t filed tax returns or paid taxes for a few years and my records are not in the greatest shape. How can I get my returns filed? Answer: Under the IRS’ Voluntary Disclosure program it may be possible to file returns without incurring criminal penalties. In most cases, IRS’ policy is to accept […]
IRS Notices and Letters | What They Mean & What To Do About Them
So you received an IRS notice and are a bet scared by the tone? Don’t panic yet. Many of the notice sound harsh but can easy be resolved if you just know the proper steps. Below are some common notices and what they apply to and the appropriate solution. Remember that it is the IRS […]
IRS Notice CP 523-Notice Of Default On An Installment Agreement
IRS uses CP 523 notice to inform you that they are terminating your installment agreement. Remember, when you setup an installment agreement with the IRS you promise to pay a particular amount of money every month, remain in compliance (file returns timely) and not increase the current balance. The Notice provide the reason of termination. […]
IRS Notice CP 161- Request For Payment Or Notice of Unpaid Balance
IRS uses CP 161 to remind you of a balance due and to provide you with information about credits applied to the return. Many people mistakenly believe this is an indication of a math error on the return; this is not correct. What Should I Do First After Receiving A CP-161? The first thing that […]
IRS Notice CP 11- Changes To Tax Return- Balance Due
IRS uses CP 11 notice to inform taxpayer of changes made to their tax return that has lead to a balance due. The IRS sends this as a first reminder of a balance due. What Should Do First If I Receive A CP-11 Notice? The first thing you is to determine if you believe the […]
IRS Notice CP 88- Delinquent Tax Return Hold
IRS used Notice CP 88 to inform you that a refund from a current or prior return is being held until you file all necessary the return(s) listed on the notice. So What Do I Do First? You are going to want to verify and file the missing returns listed on the notice. Those who […]
IRS Letter 1058, LT 11- Final Notice Of Intent To Levy
IRS uses Letter 1058 or L-1058 / LT 11 is a final (sent certified) notice letting you know that you still have a balance and if you do not resolve it they will attempt to levy your wages, bank account, and/or other assets within 30 days. This letter is more formal than other notices and […]