Understanding IRS LT 11 Letter: What Real Estate Agents and Other Professionals Need to Know
The IRS collection machine is back in full force, and tax practitioners nationwide are seeing a surge in IRS LT 11 letters. This "Notice of Intent to Levy" signals that the IRS is gearing up for aggressive collection actions, including levies on taxpayer accounts. For professionals like real estate agents, bookkeepers, and tax advisors, understanding the implications of this notice is crucial, especially if your clients are facing tax debt that could jeopardize their financial stability.
If you’re working with clients who have received an IRS LT 11, also known as a Notice of Intent to Levy, it’s important to help them understand the urgency of this situation. This letter is a serious indication that the IRS plans to take action to collect unpaid taxes by seizing assets, which could directly affect property transactions and your clients’ ability to buy, sell, or refinance real estate.
Why Real Estate Agents Should Be Concerned About IRS LT 11
For real estate agents, the impact of an IRS levy can be significant. If your client is facing a levy, the IRS could place a lien on their property, making it difficult to proceed with sales or refinancing. A lien can also lower the property’s value, complicate negotiations, and delay closings. As a trusted advisor, you can play a critical role in guiding your clients toward resolving their tax issues before they escalate to this point.
How to Help Your Clients Respond to IRS LT 11
Here’s how real estate agents, bookkeepers, and tax professionals can assist clients who have received an IRS LT 11:
Advise Them to Address the Issue Immediately: Encourage your clients to take the IRS notice seriously. The letter explicitly states that if they do not make their payment by the specified deadline, their noncompliance will be considered an active choice, leading to the enforcement of a levy on their property. Ignoring this notice can lead to severe consequences, including the seizure of assets and property.
Refer Them to a Tax Resolution Specialist: If your client isn’t sure how to proceed, referring them to a tax resolution expert like Mathis Tax Service can make all the difference. We specialize in helping taxpayers navigate IRS issues and can work with your clients to resolve their tax debt, potentially lifting any liens and allowing property transactions to move forward smoothly.
Educate Clients on the Potential Impact on Real Estate Transactions: Help your clients understand that unresolved tax debt can severely impact their ability to buy, sell, or refinance property. By addressing the IRS LT 11 promptly, they can avoid complications that could derail real estate deals.
Collaborate with Other Professionals: Work closely with tax professionals, CPAs, and attorneys who can provide the necessary support to your clients. This collaborative approach ensures that your clients receive comprehensive advice and solutions to protect their assets and achieve their real estate goals.
Partner with Mathis Tax Service: At Mathis Tax Service, we understand the urgency and complexities involved in IRS notices like the LT 11. By partnering with us, you can provide your clients with the expertise they need to resolve their tax issues efficiently, keeping their real estate transactions on track and ensuring they achieve the best possible outcome.
What Happens If Your Clients Ignore IRS LT 11?
If your clients ignore IRS LT 11, the consequences can be severe, including the seizure of bank accounts, wage garnishments, and federal tax liens on properties. These actions can significantly impact their financial standing and complicate any real estate transactions they are involved in.
Conclusion
As a real estate agent or professional working with clients who may have tax debt, understanding the implications of IRS LT 11 is essential. By guiding your clients to act quickly and seek professional help, you can protect their assets and ensure that their real estate transactions proceed without unnecessary hurdles.
If you’re dealing with clients who have received a collection notice from the IRS in the Seattle-Tacoma, WA area, or anywhere across the nation, we can help. At Mathis Tax Service, we specialize in resolving tax issues that can affect real estate transactions and other financial matters.
Take the First Step:
If you or anyone you know has received a collection notice from the IRS for unpaid back taxes, you don’t have to face it alone. Watch our free video, located at backtaxfixer.com, “Get The IRS Off Your Back And Settle Your Tax Debt for the Lowest Possible Amount with This Proven 3-Step Approach,” and start taking control of your tax situation today.
Contact Us Today:
Jason Mathis, MBA, EA
Mathis Tax Service
Phone: (253) 327-6101
Email: jason@mathistax.com
Website: www.mathistax.com
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