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668(Z) Form: What You Should Know

The purpose of 668 (1) is to notify the taxpayer of the assessment or collection and (2) is not intended to make payments to the government.  The 668 series (1) and (2) are intended to provide information only and to be used only to support audits and enforcement cases. The 668A series Notice of Levy (Accounts) is filed by IRS along with the 1st installment of 1st class Postal Service money order or by wire transfers (for individuals, the payment may be made electronically). If there was a refund (for individuals, the taxpayer should make a payment to the IRS or credit his refund account for the refund). The 2nd installment is the IRS's due date for the 2nd installment of the 1st class Postal Service money order. The notices are sent either by mail or by wire. When to file each 668 series Notice of Levy, see Taxpayer Tip sheet (PDF) (1), (2) and (3). 668 series Notice of Levy will require a 2nd installment money order, the following payment due date must be paid at least 15 Days prior to the return Due date for any subsequent installments. For the 1st and 2nd installments, the due date is 1 year prior (1st), 2 years prior (2nd), or 3 years prior (3rd). However, payments made on or after the due date may be withheld from any subsequent installment. As an individual, the 668 series form 668 (3) is the only lien form that can be claimed on the federal income tax return in order to offset the amount of future federal income tax that was not deducted by the taxpayer before filing the tax return. However, the lien form 668 (3) can still be used to offset the portion of future federal income tax that was previously deducted by the taxpayer and which will be paid by the government, provided that the lien form 668 (3) be signed in accordance with the applicable rules (see Pub. 535. See also IRS Publication 519, Internal Revenue Manual, for additional information including instructions for signing lien forms). However, filing lien form 668 (3) does not protect the taxpayer in situations where the unpaid tax cannot be paid to the government, is due to a refund or is not subject to any withholding.

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Instructions and Help about Form 668(Z)

IRS form 668 YC is a recorded notice than an IRS lien exists against you this simply means that the IRS has a secured interest in any property you may own so if you sell it the IRS gets the proceeds not you the filing of a tax lien usually ruins your credit and it will be difficult if not impossible to get loans a lien can be voided if no taxes due the tax is compromised or if the time period for collections expires there are various methods for accomplishing each of these goals but each solution has positive and negative implications and aspects depending on your individual circumstances so to find an overall solution for your case it is best to meet with an attorney and go over the documents the options the strategies and the tactics in order to find a solution for your case this law firm can either fully represent you or give you legal advice we will go over all the documents and options with you and we will prepare an action plan for you to handle the IRS at the least cost.