Understanding the LT 38 Notice from the IRS

What is the primary purpose of the LT 38 notice from the IRS?

• To conduct a full audit of your finances

• To remind you of an outstanding tax balance

• To inform you of a tax refund

• To notify you of a change in tax laws

What is the best way to handle an outstanding tax balance according to the video?

• Wait for the IRS to contact you again

• Pay it in full to avoid further penalties

• Ignore it and hope it goes away

• Consult a financial advisor

What options does the IRS offer for those who cannot pay their tax balance in full?

• Requesting a tax refund

• No options available

• Partial payments or a payment plan

• Immediate full payment only

How can penalty relief due to the pandemic affect your tax balance?

• It increases the amount you owe

• It eliminates your tax balance completely

• It has no effect on your balance

• It might reduce the amount you owe

What should you do if you suspect fraud or identity theft related to your taxes?

• Ignore the issue

• Wait for the IRS to resolve it

• File a police report only

• Contact the IRS and use available resources