IRS Letter 2050
Why are you receiving this letter?
You received IRS letter 2050 because you owe IRS back taxes. You have not set up an arrangement with the IRS to resolve your outstanding IRS back taxes. As a result, your case has been assigned to the IRS Automated Collections System (ACS) for enforcement collection actions.
- You can pay in full online at www/irs.gov/payment.
- You owe less than $10,000 and would like to set up an installment agreement. You can call the number on the top right hand corner of your IRS letter and the IRS will give you up to 72 months to pay back the taxes.
- Your tax balance is less than $25,000.
- You don’t have unfiled tax returns.
- You are unable to pay back the taxes in full.
- You would like to discuss this with someone not working for the IRS to understand what is going on and the options you have.
- Your tax balance is greater than $25,000.
- You have unfiled tax returns.
- You are unable to pay back the taxes in full.
- You would like to negotiate down the tax balances.
What you should do?
Read notice 2050 carefully. It explains how much money you owe and for which tax period. Review the balance owed to confirm that the taxes owed match the tax return you filed.
Contact the IRS or a tax professional to set up an arrangement to resolve your IRS back taxes.
What can you expect next?
IRS letter 2050 is considered a tax bill. The IRS asks that you pay the balance due in full. You do have options.
If the tax bill is left unpaid, the IRS may move forward with filing Federal Tax Liens and/or Tax Levies on your wages, bank accounts, state & federal tax refunds, etc.