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What are Tax Levies? | The Process for an IRS Levy

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A Tax Levy can be difficult to eliminate and release. You can rightly assume, the taxing authorities have infinitely more power than other types of creditors. Fortunately, there are different tactics and tax relief programs that can be employ to avoid a tax levy or stop one that's currently in progress.


What are Tax Levies?

The IRS and local governments use what's known as a tax levy to collect money owed. There are several ways that a tax levy can collect funds, including automatically withdrawing the funds from your account or garnishing your wages. Other common strategies include:

IRS Bank Levies: The IRS can order your banking institution and require your bank to send them whatever monies the agency has caught in 21 days. This doesn't provide you much time to get your money back as the 21 days includes Saturdays, Sundays, and holidays. So it really isn't 21 working days.

IRS Wage Garnishment: The IRS can order (through a levy) your employer withhold all or a portion of your wages/paycheck to pay the tax debt.


THE TAX PROFESSIONALS AT FLAT FEE TAX RELIEF ROUTINELY HAVE AN IRS LEVY STOPPED AND RELEASED IN ONE DAY.

Property Seizure: The IRS can take any property that you own, sell it, and use the profits to cover the amount you owe.

Decrease the Amount of Your Tax Refund: The IRS can seize any funds that are due to you via a refund. They can also intercept any refunds due to you from the state and apply the money toward your federal amount owed.

These are only some of the ways that the agency can enforce collection from you. If you don't have cash to pay the tax liability, the IRS will take other valuables that you own and sell them to collect the profits. What is the Process for a Tax Levy?

We all know that the IRS is a government entity and they have a lot more authority than other creditors you may have. If you have outstanding debts, the IRS will be first in line to collect back taxes that are owed to them. In fact, any time you owe money to the government, a levy is always a possibility. However, it's usually the final measure a tax authority will make to collect an outstanding debt.

Prior to seizing any of your assets, the IRS must send notices regarding their attempts to collect monies owed. You should do your best to avoid entering a tax levy situation at all costs.

The IRS will send you a series of notices before resorting to using a tax levy, so be sure to keep your contact information up-to-date. Be aware that the IRS has no obligation to make sure that you have received any notices. The IRS is only obligated to send notices. They can be sent to any address the IRS has on file for you. If you receive a 'Final Notice of Intent to Levy and Notice of Your Right to a Hearing' document, a tax levy may be looming. It's best to contact an experienced tax professional right away so that your Rights are protected and tax resolution can be had.

In some cases, a Notice of Intent may arrive before you receive a tax bill. While you shouldn't panic, this is still something that you should take very seriously. However, if you pay the debt quickly or work out some sort of payment arrangement, you should be able to avoid any major issues. How to Get Out of a Tax Levy

If you want to try and "Do It Yourself," there are things you can do to get a tax levy released. The first thing you could do is to file an appeal to keep the levy from proceeding. You can also request that creditors give back your levied assets after you have appealed the event. To start an appeal, you should ask the IRS for guidance and review this Collection Appeal Rights document. Sounds complicated, doesn't it? Well it is if you don't have any experience with releasing an IRS levy. If you need additional assistance you can reach out to our experienced qualified tax professionals for more information on the best way to move forward.

STOP AN IRS LEVY IN ONE DAY.


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