Understanding the CP1058 Letter: Act Now Before It’s Too Late
Getting a CP1058 letter from the IRS can be a huge wake-up call.
This letter is a serious warning that the IRS is about to take strong action against you. If you’ve received this letter, it’s important to know what it means and why you need to act fast.
What is a CP1058 Letter?
A CP1058 letter is also called the “Final Notice of Intent to Levy and Notice of Your Right to a Hearing.”
This letter means that you owe taxes, and the IRS is getting ready to take your property to cover the debt. This could include money in your bank accounts, your paycheck, your house, or other valuable things you own.
What Can Happen If You Ignore It?
If you don’t respond to a CP1058 letter, the IRS can take serious steps, such as:
- Taking Money from Your Bank Account: The IRS can freeze your accounts and take the money.
- Taking Part of Your Paycheck: Your wages could be garnished, meaning your employer would have to send part of your paycheck to the IRS.
- Taking Your Property: The IRS can take your house, car, or other belongings.
- Hurting Your Credit Score: A levy or lien from the IRS can damage your credit score, making it hard to get loans or credit cards in the future.
Why You Need to Act Quickly
The CP1058 letter gives you only 30 days to respond. In these 30 days, you can ask for a Collection Due Process (CDP) hearing. This hearing is your chance to argue against the IRS taking your property, suggest a different way to pay your debt, or dispute the amount you owe.
If you don’t act within these 30 days, the IRS will start taking your property, and your options will be very limited.
Why You Should Get Professional Help
Dealing with the IRS and fixing tax problems can be complicated. If you try to handle it on your own, you might make mistakes that could make things worse. A tax resolution professional has the knowledge and experience to help you get through this.
Why Professional Help is Important:
- Expert Negotiation: A professional can talk to the IRS for you and get you the best deal possible.
- Smart Planning: They can create a plan to resolve your tax issues without ruining your finances.
- Legal Protection: A professional makes sure your rights are protected the whole time.
If you’ve received a CP1058 letter, don’t wait.
Contact Ben Butterfield at BPB Tax Resolutions right now.
Ben is a skilled tax resolution specialist who can help you deal with your tax problems and get the best outcome.
Get in touch with Ben NOW at (402) 779-7399 to take control of your finances and stop the stress caused by tax debt.
