#FinalNoticeBeforeSeizure
Understanding the Final Notice Before Seizure
If you have received a final notice before seizure from the IRS or any state revenue department, it is crucial to take immediate action to resolve the issue. This notice typically informs you that you owe a significant amount of back taxes and that failure to pay in full may result in seizure of your assets, wage garnishment, and bank account seizure.
Steps to Take After Receiving the Final Notice
Here are some steps you can take after receiving a final notice before seizure to address the situation effectively:
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Contact the Department of Revenue: Reach out to the department mentioned in the notice as soon as possible to discuss your options and potentially set up a payment plan.
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Consult a Tax Specialist Lawyer: An experienced tax lawyer can provide you with valuable advice on how to approach the situation and represent you in dealings with the IRS or state revenue department.
- Gather Documentation: Start gathering all relevant documents, such as tax returns, financial statements, and correspondence with the tax authorities, to present a comprehensive picture of your financial situation.
What to Expect After Receiving the Final Notice
After receiving the final notice before seizure, you can expect the following:
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Increased Communication: You may receive more frequent communication from the tax authorities, reminding you of the outstanding balance and potential consequences.
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Enforcement Actions: If you do not take action to resolve the back taxes, the tax authorities may proceed with enforcement actions, such as seizing your assets or garnishing your wages.
- Legal Proceedings: In severe cases, the tax authorities may take legal action against you, leading to potential court appearances and further financial penalties.
In conclusion, receiving a final notice before seizure can be a stressful and daunting experience. However, by taking proactive steps such as contacting the department of revenue, consulting a tax specialist lawyer, and gathering documentation, you can work towards resolving the issue effectively. Remember to act promptly and seek professional guidance to navigate the complex world of tax obligations.
Well, read the data provided in the notice that explains the reasoning for why the bill was generated.
Decide if you agree or not.
If you agree, talk to the biller (I can’t tell if this is a KY State vs IRS bill) to formulate a payment plan.
If you do not agree, then explain why not in some sort of communication and provide your evidence.
If you do not know if you agree or not, then hire a CPA or EA.
You do not need a tax attorney (JD). That’s for disputing tax law in tax court. You’re not disputing the actual law.
If your business never made money, how do you owe $10k in taxes? Call the IRS and verify this is real.
If you never made money with the business you won’t owe taxes. Sounds like a scam.
Kentucky, like many states, has a minimum franchise tax. Your LLC owes that whether you made money or not. That doesn’t explain how it got to be $10k though. If you never filed annual reports or paid franchise tax maybe there are fines applied as well.
If you don’t file the right paperwork, the IRS and state will “estimate” taxes on your behalf. It sounds like this is what is happening here and they’ve used generic numbers which is why it is the same amount for each reporting period. Im guessing that you simply have to inform them probably through a form of some sort that you did not do any business and do not owe taxes and then dissolve the company and that will be it.
Do not spend the day/weekend worrying about this at all. Enjoy today and tomorrow. You will be able to fix it on Monday. It will probably be a headache trying to get through to talk to someone on the phone but once you do everything will be fine.
Source: I’ve owned multiple LLCs over the past 30 years, some were active and some ended up not, and in the early days I got my fair share of stuff like this before I learned better.
Also as I side note, if you ever do find yourself owing the irs a larger sum of money, they give you a one time waiver of payment. I have also had to do this once and it is not urban legend, it is actually true.
This seems like a scam, contact the IRS and verify. The nice round number is incredibly suspicious. If it is true then make payment arrangements with them.
Please, do NOT call the number on this notice, in case it’s a scam. Look up the IRS number on the internet and use that number. It sounds either scammy or like someone else had your info and it’s identity theft.
Be calm, and very courteous to the IRS person.
Question: does it say you owe STATE taxes in KY (KY Dept of Revenue) or FEDERAL taxes (IRS). If it says both, it’s 100% a scam.
>Flash forward to today I received by certified mail a letter telling me that I owe over 10000 in back state taxes and if I don’t pay in full I will have everything I own seized and sold, my wages garnished, and bank accounts seized.
A certified letter regarding tax debt should be taken seriously, but it should also be considered critically as to whether it is genuine and most importantly, verified by calling the tax authority’s phone number of record. The menacing way that you describe the letter is very suspicious. “Everything you own”? Why would a tax authority say that?
First, make sure it’s legitimate and not a scam. It’s very common for someone to send out letters and hope people pay the fonts without actually checking if it’s.
Is this federal or state? You say IRS in the original post but then in a later response you say state taxes? Many states have annual filing requirements that must be done whether the business is active or not, but I don’t think it would result in $10,000 fines in 2 years.
In the original post you say with the antenna starting a business that never went anywhere and then in a response you say there was a net loss. If you had income those reports go to the state so even if you lost money if you don’t file taxes, the state doesn’t know and send you the bill based on your income only. I’ve had two businesses and a couple times gotten letters saying I owed tens of thousands of dollars because I hadn’t gotten to filing my taxes yet.