Stop IRS Levy: Three Fast Ways
An IRS levy is a forceful procedure by the IRS in order to get your attention. It is an authorized seizure of your assets that will satisfy the tax liability. The Internal revenue service could levy your financial institution account, your wages and virtually any third party account or personal assets. Standard bank levies and wage garnishments are the most common form of garnishment in which the IRS issues.
Generally three prerequisites have to be satisfied before the IRS can enforce a levy:
1.The IRS sends the tax liability owed and sends the tax payer a Notice and Demand for Payment
2.The tax payer fails to or declines to pay off the tax debt and
3.The tax payer is sent a Final Notice of Intent to Levy and Notice of Your Right to A Hearing at least thirty days prior to the levy. It may be presented to the tax payer in person or left at his or her residence, however, normally it is mailed to the last known address the Internal revenue service contains on file.
An IRS levy continues on until the liabilty is paid completely, the time period to collect has expired or until the levy has been discharged.
The 3 fastest ways to stop IRS levy activity are:
1. Pay the taxes completely. If the debt is paid off the IRS will release the levy immediately.
2. A Streamline Installment Agreement. If the amount of the tax debt is less than $25,000, a streamline Installment Agreement could be arranged. This may be arranged with minimum financial disclosure. It is set up over sixty months. A streamline installment may possibly be setup for less than the minimum necessary for sixty months but financial information must be presented and it will need IRS supervisor authorization.
3. File Bankruptcy. The filing of a bankruptcy is going to automatically set a "stay of collection" upon an individual's accounts. There is no requirement for any kind of disclosure. It is automatic by way of bankruptcy laws. Nonetheless, there are many individuals that owe taxes and are unable to pay the taxes in full, or the balance is more than $25,000. Bankruptcy won't cover all types of taxes and for those that can be submitted, there are very strict regulations. I recommend getting advice from a bankruptcy lawyer before thinking about bankruptcy as an option.
There are alternative solutions available if a tax payer does not qualify for any of the above.
If my client doesn't meet the requirements for any of the above, then I can have the tax levy released by setting up an Installment Agreement which calls for financial disclosure and manager acceptance or I can put the case in a hardship or currently non-collectible which will also call for manager authorization and monetary disclosure.
With both an Installment Agreement and Currently Non-Collectible, the interest will keep accumulating on the tax debt. That is the reason why I also take a look to see if my client would be eligible for an Offer in Compromise or other tax relief that will deal with the balance.
I suggest that any time financial disclosure is necessary, that the tax payer have expert representation, with experience and understanding of the tax code.
Stop IRS Levy
Generally three prerequisites have to be satisfied before the IRS can enforce a levy:
1.The IRS sends the tax liability owed and sends the tax payer a Notice and Demand for Payment
2.The tax payer fails to or declines to pay off the tax debt and
3.The tax payer is sent a Final Notice of Intent to Levy and Notice of Your Right to A Hearing at least thirty days prior to the levy. It may be presented to the tax payer in person or left at his or her residence, however, normally it is mailed to the last known address the Internal revenue service contains on file.
An IRS levy continues on until the liabilty is paid completely, the time period to collect has expired or until the levy has been discharged.
The 3 fastest ways to stop IRS levy activity are:
1. Pay the taxes completely. If the debt is paid off the IRS will release the levy immediately.
2. A Streamline Installment Agreement. If the amount of the tax debt is less than $25,000, a streamline Installment Agreement could be arranged. This may be arranged with minimum financial disclosure. It is set up over sixty months. A streamline installment may possibly be setup for less than the minimum necessary for sixty months but financial information must be presented and it will need IRS supervisor authorization.
3. File Bankruptcy. The filing of a bankruptcy is going to automatically set a "stay of collection" upon an individual's accounts. There is no requirement for any kind of disclosure. It is automatic by way of bankruptcy laws. Nonetheless, there are many individuals that owe taxes and are unable to pay the taxes in full, or the balance is more than $25,000. Bankruptcy won't cover all types of taxes and for those that can be submitted, there are very strict regulations. I recommend getting advice from a bankruptcy lawyer before thinking about bankruptcy as an option.
There are alternative solutions available if a tax payer does not qualify for any of the above.
If my client doesn't meet the requirements for any of the above, then I can have the tax levy released by setting up an Installment Agreement which calls for financial disclosure and manager acceptance or I can put the case in a hardship or currently non-collectible which will also call for manager authorization and monetary disclosure.
With both an Installment Agreement and Currently Non-Collectible, the interest will keep accumulating on the tax debt. That is the reason why I also take a look to see if my client would be eligible for an Offer in Compromise or other tax relief that will deal with the balance.
I suggest that any time financial disclosure is necessary, that the tax payer have expert representation, with experience and understanding of the tax code.
Stop IRS Levy