Help! The IRS Sent Me a CP1058 Letter. What Do I Do Now?
Receiving a letter from the IRS is never a pleasant experience, especially when it's a CP1058.
But don't panic! Understanding what this letter means and how to respond can make a big difference in how you handle the situation.
What Is a CP1058 Letter?
A CP1058 letter is a final notice from the IRS indicating their intent to levy, which means they plan to seize your property or assets to satisfy your unpaid taxes.
This could include your wages, bank accounts, or other financial assets. It's essentially the IRS saying, "We need you to pay your tax debt, and if you don't, we will take action."
What Happens in 30 Days?
When you receive a CP1058 letter, you have 30 days to respond before the IRS moves forward with their levy. During this time, you have the opportunity to resolve the issue by paying the owed amount, setting up a payment plan, or disputing the amount if you believe it's incorrect. If you don’t act, the IRS intends to take action.
What Can You Do?
- Pay the Amount Owed: The quickest way to resolve the issue is to pay the amount owed in full. This stops the levy process and clears your tax debt.
- Set Up a Payment Plan: If you can't pay the full amount, you can set up a payment plan with the IRS. This allows you to pay off your debt over time, usually in monthly installments.
- Dispute the Amount: If you believe the IRS has made a mistake, you can dispute the amount owed. This involves providing evidence to support your claim that the tax debt is incorrect.
- Request a Collection Due Process Hearing: If you need more time to resolve the issue or wish to dispute the levy, you can request a Collection Due Process (CDP) hearing. This hearing gives you the chance to discuss your situation with an independent IRS Office of Appeals.
The Importance of Hiring a Professional
Dealing with the IRS can be complex and intimidating. Having a professional on your side can make the process much smoother and increase your chances of a favorable outcome. A tax resolution expert knows the ins and outs of the system and can provide the guidance and support you need.
Why David Rappaport Is the Professional You Need
When it comes to handling IRS issues, David Rappaport is the expert you want in your corner. With over 30 years of experience as an Enrolled Agent, David specializes in representing clients before all administrative branches of the IRS and State Taxing Authorities. His hands-on approach and commitment to Concierge Accounting mean he goes the extra mile to ensure his clients' complete satisfaction.
David believes in establishing personal relationships with each of his clients, ensuring they receive the highest level of service tailored to their specific needs. Whether you're facing a CP1058 letter or any other tax issue, David Rappaport has the expertise and dedication to help you navigate the complexities of the IRS.
Call David Rappaport Now
Don't wait until it's too late. If you've received a CP1058 letter or are dealing with any other tax issues, call David Rappaport now. Let his experience and commitment to exceptional service guide you to a resolution and peace of mind.
If you’ve received a CP1058 notice, you’re running out of time.
Call David NOW at (917) 488-8295.
