IRS Problems: Tax Levy

If you have IRS problems consisting of back taxes, you will receive notice of a tax levy. The tax debt you need to pay can be settled through this levy. A tax levy is actually the seizure of your assets.

Before the IRS can actually seize your assets these things need to occur: 1) You get a Notice of Demand for payment; 2) You refuse to pay the taxes in full; 3) You get a Final Notice of Intent to Levy thirty days before the levy takes effect.

These assets can be seized by the IRS:

• Checking or savings accounts
• Your house, your vehicle and/or your boat
• Wages, including commissions
• Cash value of your life insurance
• Accounts receivable, contracts, and securities
• Inheritance
• State income tax refunds
• Social Security benefits
• Retirement pensions
• Interest in partnerships

Obviously, seizure of any or all of these would be financially and emotionally disstressful for you and your family. If the stress involved with IRS issues is burdening your family, a tax levy will add to this stress.

With the assistance of a capable IRS Problem Resolution professional, you can start to solve your IRS issues today. It's important to reply to a tax levy notice. There are many options available to help release a tax levy and to help resolve your IRS issues. They are:

• Installment Agreement
• An Offer in Compromise is submitted
• Declaring bankruptcy
• Full settlement of taxes, with penalties and interest
• Expiration of the statute of limitations
• The property levied is worth more than what you owe so part of the seized property will be released
• Convince the IRS that the taxes can be collected if the levy is released
• Extreme hardship if levied

Be Sociable, Share!

•