How IRS Levies Work
An IRS charge is a nightmare scenario for everyone unlucky enough to have one. A charge is a nice way of saying a wage garnishment. When the IRS has decided that they have no other pick, they will try to earn the tax you owe them by taking part of your wages. This would be bad enough if they only took 20-30 percent of what you make, but in reality, they often take upwards of 70-80 percent of what you make every pay stage. There is a specific formula they use to determine exactly how much you get back, but even if you are single with no kids, it isn’t enough money to live on.
The point of an IRS toll isn’t to doom you to homelessness; it is to get you to call them so a more inbiased solution can be worked out. Oftentimes, the only folks who allow their tax location to become this dismal are people who have refused any contact with the IRS. They have ignored phone calls, thrown away letters, and simply refused to converse to them. The IRS tax is a way of getting your attention. Now that you know how IRS levies work, here are a few ways to get around them.
The IRS offers these resolutions called offers in compromise. You can qualify for one of these offers, but you have to be quite poor to do so. If you are rich or if the IRS thinks that you are hiding chattels, you won’t have a chance of getting such a deal. There are, however, a few exceptions. If you can demonstate that the wage garnishment is impeding your basic ability to pay your mortgage or to pay your rent, you can get it bargain. The IRS must leave you enough to pay for food and shelter, although that is about it. Also, if you can confirm that the wage garnishment is preventing you from paying medical bills or preventing you from doing some other service that is absolutely essential, such as child prop up, you may be able to get further funds released.
One final type of offer in compromise is if you can prove that your debt really isn’t yours or that it was calculated improperly. This is the most hard type of recommend to get since you are dealing with people who do nothing else all day long other than look at tax returns. but, even the IRS makes mistakes once in a while and if you can show that they did and that the tax load you have isn’t really yours, you can be saved. In short, IRS levies work to be of assistance get your attention so that you will call the IRS in hopes of resolving your debt. Many times, all it takes is acquiescent to a payment plan to get the calls to stop and to release the rates for good. Knowing how IRS levies work is an main step to understanding how they can be stopped for good.
Darrin T. Mish is a veteran, nationally recognized tax attorney who has focused on providing IRS help to taxpayers for over a decade. He regularly travels the country training other attorneys, CPAs and enrolled agents on how to handle their toughest cases with the IRS. He is highly ranked among the top attorneys in the country, with an AV rating from Martindale-Hubbell and a perfect 10 on Avvo.com. Martindale-Hubbell has also honored him with a listing in their Bar Register of Preeminent Lawyers. He is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. With clients on every continent but Antarctica, he has what it takes to solve your IRS problems no matter where you live in the world. If you would like more information about his practice and how he can help you, please call his office at (813) 229-7100 or toll free at 1-888-GET-MISH.
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