IRS Tax Levy – Tax Liens

by on 22/04/10 at 10:29 am

IRS Tax Levy – Tax Liens

Anyone who receives an IRS levy notice can be sure that they’re now involved in a legal battle for their personal belongings with an IRS Levy. Not many people really understand the severity of a tax levy. If you’ve ever heard of a tax lien, then you already have some idea of what damage a levy can do; but unlike a lien, an IRS tax levy can actually seize your home or other items belonging to you with an IRS Levy; this includes your boats and cars. Even your bank accounts can be blocked from you for a period of 21 days with an IRS Levy. If there aren’t sufficient funds in the account to pay off the tax debt, the account will be blocked for 3 weeks, but if there is more than what is owed, then that amount will be taken immediately.

IRS Levies – Tax Levies

 With a tax levy the money needed to pay the back taxes can also be taken from:

  • Wages
  • Dividends
  • Retirement accounts
  • Licenses
  • Rental income
  • Accounts receivable
  • Life insurance cash loan value
  • Commissions

 Warning! If you have received a certified letter from the IRS, contact us immediately. If certain steps are not followed, you could lose your rights.

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IRS Tax Levy and Tax Liens Resolution Attorneys Chicago Illinois

IRS Tax Levy and Tax Lien Resolution

IRS Levy – IRS Levies

Wage garnishments and tax levies are nothing to play with and having your financial life overtaken by an IRS Levy can be pretty scary and frustrating. If you don’t cooperate and pay back the debt owed, you can say goodbye to the tangible items because they will be taken and put up for sale. Even your tax return money can be garnished with an IRS Levy.

The Process of an IRS Levy

The process of an IRS Levy goes through stages. The government cannot come out of the blue and take away your money and property. Before the tax levy is given to anyone, there is an assessment of your taxes. Then once you receive a notice in the mail from the IRS making demands for payment (usually within 10 days), you should take heed. Ignoring it will only make things worse. Neglecting to pay back or make arrangements to pay back the tax debt will cause the next step of the process toward an IRS levy to take effect – a final notice will be sent. At this point, you are given 30 days to make amends. You will have a right to a hearing if you decide the IRS levy was wrongfully placed on you. You can also try the Offer in Compromise, or OIC, which allows you to make an agreement with the IRS to settle the debt for less than the full amount and avoid an IRS Levy.

When dealing with IRS Tax levies it is important to contact a tax consultant right away to help you with the process of dealing with a tax levy. The process is quick; you don’t want to lose everything when an IRS Tax Levy can be avoided.

Appealing an IRS Levy

There are multiple reasons one could appeal an IRS levy placed on them. If you are in any of these situations, you too can make an appeal of the IRS levy to have it removed or to receive reimbursements for the money already taken from you with an IRS Levy.

IRS Tax Levy – Reasons For An Appeal

  • You already paid the tax debt.
  • You received the notice while you were in a state of bankruptcy.
  • A procedural error was made during the assessment.
  • The payment due date (or statute of limitations) had already expired when the IRS tax levy was mailed out.
  • No opportunity was given to you to dispute the liability that was assessed.
  • You would like to discuss the options for collections.
  • You would like to make a spousal defense.

Get Rid Of Your Tax Debt For As Low As $500

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