Levy Avoidance

With an IRS levy, the IRS can take control of your assets, including bank accounts, salary, and properties. They’ll take assets needed to cover your tax liability. If you’ve gotten notice of an IRS levy, you are in big trouble.

You can only get the IRS off your back by settling your taxes in full, including accrued penalties and interest that’s growing every day. The sooner you settle, the better.

There are options available to get the IRS to release a levy if you can’t pay your tax liability:

• The statute of limitations ends before the levy is received
• Convince the IRS that the levy’s release would help pay them
• An installment agreement is met
• The levy will bring you extreme financial hardship
• Part of the assets will be released if the assets seized is more than the taxes owed
• Filing for bankruptcy
• Submission of an offer to compromise

You can prevent your assets from getting taken if you move before an IRS levy is served. If you find that you’re violating the law, do not attempt any of these:

• Transfer of assets: under some situations, you may sell or give away assets
• Give evidence that the levy is not economically feasiblel: taking, storing, and selling the asset will cost the IRS more than what it is worth
• Asset is important for you to work: if you need the asset to perform your job or to get to work
• Don’t reveal the existence or location of your assets: if properties are located in other states, etc.
• Store portable assets off home or business premises: cars, boats, luxury vehicles
• Move bank accounts: a move of self-protection
• Lease your property: they can’t take what you do not own
• Put money in retirement accounts: discouraged from taking these
• Use safety deposit boxes: they’ll have a hard time finding these

Don’t let an IRS problem destroy your life. IRS levies are to be avoided at all cost. You have to be effective in facing your IRS problems.