Receiving an IRS Letter 1058, also known as a Final Notice of Intent to Levy, is a serious matter that requires immediate attention. This letter indicates that the IRS intends to seize your property or rights to property due to unpaid taxes. At Total IRS Relief, co-founded by Jeff Lichtenberger and William Sharpe, we are here to help you navigate this challenging situation and protect your assets.
What Is IRS Letter 1058?
IRS Letter 1058 serves as a final warning that the IRS plans to levy your assets to satisfy outstanding tax debts. This can include garnishing wages, seizing bank accounts, or placing liens on property. The letter also informs you of your right to a Collection Due Process (CDP) hearing to appeal the proposed levy action.
Why Did You Receive This Letter?
You received Letter 1058 because:
- Unpaid Taxes: Despite previous notices, your tax balance remains unpaid.
- Prior Notices: The IRS has sent multiple reminders, including CP501, CP502, CP503, and CP504, without receiving payment.
- Immediate Action Required: The IRS is now taking steps to collect the debt through enforced measures.
Consequences of Ignoring Letter 1058
Failing to respond within 30 days can lead to:
- Asset Seizure: The IRS may levy your bank accounts, wages, or other property.
- Tax Liens: A federal tax lien may be filed against your current and future assets.
- Increased Debt: Additional penalties and interest will accrue, increasing the amount owed.
How to Respond to IRS Letter 1058
- Review the Letter: Understand the amount owed and the proposed actions.
- Request a CDP Hearing: You have the right to request a Collection Due Process hearing within 30 days from the date of the letter. This hearing allows you to appeal the proposed levy action.
- Pay the Amount Due: If possible, pay the full amount to prevent enforcement actions.
- Set Up a Payment Plan: If full payment isn’t feasible, consider establishing an installment agreement with the IRS.
- Seek Professional Assistance: Consulting with tax professionals can help you navigate the process and negotiate with the IRS on your behalf.
How Total IRS Relief Can Assist You
At Total IRS Relief, we offer:
- Expert Consultation: Assessing your situation to determine the best course of action.
- CDP Hearing Representation: Representing you during the Collection Due Process hearing to advocate for your interests.
- Negotiation Services: Working with the IRS to establish manageable payment plans or settlements.
- Ongoing Support: Providing guidance to ensure future tax compliance and prevent similar issues.
Receiving an IRS Letter 1058 is a critical matter that should not be ignored. Taking prompt action can prevent severe financial consequences. Contact Total IRS Relief today to protect your assets and resolve your tax issues effectively.
Written by
William Sharpe, E.A., C.T.R.S.
Founder & Certified Tax Resolution Specialist
William has been in the tax business since he was 8 years old, starting in the mail room of the family enterprise. He began filing tax returns in 1999 and spent decades shadowing his grandfather, founder Bill Sharpe. In 2005 he teamed with Bill & Deborah Sharpe to open Total Income Tax — today the busiest tax office in Peoria — and in 2016 he founded Total IRS Relief to help taxpayers resolve their IRS and Illinois tax struggles.
Meet the teamNeed help with your case?
Talk to an Enrolled Agent. Free 15-minute consultation, no obligation.
