The 668 Form Series are several IRS notices sent to the taxpayer warning them that actions are taken on their assets, which include a tax levy, tax lien, and even wage garnishment. This is not a very pleasant situation to deal with. However, letter 668D is actually one of the few positive IRS notices to deal with. Once the IRS takes action to collect what you owe them through either wage garnishment or freezing your bank account, letter 668D will indicate that you are no longer under collections and the levy and garnishment have been released.
While you are now free from the IRS, you must take the right steps to ensure that you are protected from further actions in the future. You don’t want to be hit by the IRS and go through the entire process once again.
To avoid unnecessary headaches and guarantee a full resolution of your tax debt, contact a tax accountant in Miami. We can help you settle your debt through either an Offer in Compromise, a payment plan that aligns with your budget and goals, or a Currently Not Collectable Status if you can’t afford to make payments at the moment.
What Is The Letter Saying?
Letter 668D is an indication from the IRS informing you that your debt obligations are now satisfied. In other words, all levies placed either on your tangible or intangible assets will be lifted. On the other hand, this letter may also be sent out when the time limit for the IRS to make collection has expired or they may have figured out that the garnishment was an error.
You are not the only one being sent out form 668D. Your employer, bank, and other financial institutions will also be notified that your levy is released. This is great news moving forward as it will boost your credit score and you may also be eligible to apply for future loans.
Respond To The IRS Notice
Once you receive IRS notice 668D or any other IRS notice the first step is to read it. The document should tell you what you are receiving and what to do about it. Each notice has a number and you can go on the IRS website to find out more about the notice or you can contact the IRS if you have any questions. Make sure you have a copy of your tax return and notice with you when you call. Also, verify the notice is from the IRS. Unfortunately, some scammers send fake IRS tax notices that may look like IRS notices but they are not.
Note, the IRS will never contact you through social media or e-mail. Make sure to report any scams to the IRS on their website. Also, verify that the information is correct. Keep a copy, a digital and paper copy if possible, because you may need it later.
Ask A CPA From Acosta Tax & Advisory
Whether you received this letter 668D by mistake or the information on the 668D form is correct, let us take some time to discuss what is the best course of action for your circumstances. You can request further assistance by scheduling a consultation with one of our expert CPA in Pembroke Pines. A tax accountant knows which steps you should take after receiving 668D or any other IRS letter.
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