IRS Wage Levy – Tax Attorneys
by admin on 07/05/10 at 5:27 am
IRS Wage Levy
If there’s one thing everyone knows about the IRS is its power to collect from taxpayers. The idea of owing the IRS is very scary because we know that they have different tools for getting what they want. They can take away our homes, vehicles, bank accounts and other real property. There are some people who think that since they don’t have any of these assets the IRS can’t get to them. Truth is if you have a job or are working as an independent contractor, they can seize some of your wages which is called an IRS wage levy. Sometimes it is so bad that individuals are only left with a couple hundred dollars monthly.
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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Avoiding an IRS Wage Levy
If you received a letter regarding an IRS wage levy against you, you need to begin the process of doing whatever you can to cancel it. First, you need to consider whether or not you can afford to hire an IRS wage levy attorney pay off the tax debt in full. If so, this is the best thing to do to lift the IRS wage levy that is to take place. The longer you wait, the more penalties and interest will add up to the debt, making it more difficult to pay off. Other ways to do a wage levy release is to convince the IRS that you aren’t able to pay the debt in full because of your financial hardship or that the wage levy will cause a financial hardship. The last resort you’d want to take is filing for bankruptcy. This looks bad on your credit and will stay on your file for up to 10 years.
IRS Wage Levy Attorney
After you Receive Notice for an IRS Wage Levy
Once you have gotten notice in the mail about an IRS wage levy, you should contact a tax attorney to help you figure out what to do next. At this point, the IRS has already contacted your employer and has made a demand for them to withhold a certain amount from your wages or salary. The employer isn’t able to refuse and some don’t even let the employee know, so it comes as a surprise for them. The only way to release wage levy is to enter into a payment agreement with the IRS. If you need help with coming to terms with the IRS, you can hire a lawyer to do the negotiating on your behalf. Stopping or trying to lift levy can be almost impossible without legal help.
What you can Do to Make an IRS Wage Levy Disappear
It isn’t possible for the IRS to lift a levy if you have tax returns that haven’t been filed. You should immediately file tax returns for the years that were missed, so that you can attempt to have the IRS wage levy released. It isn’t necessary for you to pay them now, but the returns must be filed. If you owe the IRS under $25,000, you can set up a payment plan or installment agreement with them.
It is a bit more difficult for individuals that owe the IRS over $25,000. In this case, you would have to go through tons of paperwork and full financial disclosure to prove that your financial situation leaves you unable to afford paying back the IRS in full and will leave you worse off financially. Some do get relief by having to pay a reduced amount through monthly payments.
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