3 Reasons To Hire A CPA If You Receive A LT16 Form From The IRS
If you receive an LT16 form from the IRS, it's likely because you owe back taxes from previous tax years. The LT16 form will calculate the full total you owe the IRS (with interest) across all applicable tax years and serves as essentially a final bill before enforcement action is taken. As this notice states, payment arrangement must be made by the stated deadline. If it is not, the IRS will proceed with actions that could include placing a levy on your property or even confiscating funds directly from an income source in order to pay off the back taxes.