All You Need To Learn About An IRS Tax Levy
If you have IRS problems consisting of owing back taxes, you may receive notice of a tax levy. The tax debt you owe can be collected through a levy. Your properties will be seized through this tax levy.
Before the IRS can take your assets these things have to occur: 1) You get a Notice of Demand for payment; 2) You refuse to settle the taxes in full; 3) You get a Final Notice of Intent to Levy at least 30 days before the levy takes effect.
The IRS can take the following assets:
- Bank accounts, both checking or savings
- Your houses and vehicles
- Wages, including commissions
- Life insurance
- Accounts receivable, contracts, and securities
- Inheritances
- State income tax refunds
- Social Security benefits
- Retirement pensions
- Partnership interest
And the list goes on…
You and your family will suffer emotional and financial duress from a seizure. A tax levy will add to the stress of IRS problems.
With the assistance of a capable IRS Problem Resolution professional, you can start to solve your IRS problems. When you get a tax levy notice, it’ll be necessary for you to respond. A tax levy can be released and your IRS problems can be resolved through some options. The options are:
- An installment agreement is agreed upon
- Offer in Compromise
- Declaring bankruptcy
- Settlement of your taxes with the interest accrued and any penalties
- The levy is issued after the statute of limitation expired
- Assets levied are proven to be more than what you need to pay, so a fraction ofit will be released
- Convince the IRS that the taxes can be collected if the levy is released
- Extreme hardship if levied
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