The IRS Levy
To make sure that you settle your penalties and tax debt, the IRS utilizes the levy. Your income and your properties can be levied. It is a drastic method that can financially cripple you, so when you receive a Levy Notice, it is best to act immediately. Before a Levy Notice is issued, a Demand for Payment will be received. To get assistance in avoiding a levy, consult a tax attorney and show proof why the penalties and taxes demanded from you were not settled. Ignoring an IRS Levy Notice is the error numerous citizens commit. You can get assistance and counsel in requesting a Collection Due Process hearing at the local IRS Office of Appeals from a tax lawyer. In the hearing, you can provide proof that the IRS made a mistake if you were levied because of an IRS error and you’ve already settled your taxes. Immediate settlement following the Levy Notice and filing for bankruptcy are a few reasons why a levy can’t be continued by the IRS. Due to the statute of limitations, taxes assessed more than ten years ago can’t be collected by the IRS. You don’t need to settle your taxes if the IRS levy was mailed after the period for tax collection has already expired. During the Collection Due Process hearing, you can work out an installment plan with the Office of Appeals. Rather than getting your bank account levied or your wages garnished by the IRS, this is indeed a better choice. Unless the IRS can no longer collect taxes because of the statute of limitations, your debt is paid off, or it’s officially released, an IRS levy will continue. The IRS will refund your bank fees if your bank account was erroneously levied because of an IRS error. To qualify, you need to file for refund within thirty days. Your IRS issues will just worsen if you ignore a Levy Notice. To protect your assets, it is better to get immediate assistance.
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