Levy Avoidance

The IRS can take ownership of your assets, such as bank accounts, salary, and properties with an IRS levy. The assets required to pay off your tax bill will be seized. When you've received notice of an IRS levy, you're in big trouble.

Obviously, you can avoid a levy by settling your taxes fully, including accrued interest and penalties. With more penalties and interest, your tax liability is increasing every day. Before it gets out of hand, get this paid off as soon as possible.

You have other options to get the IRS to release a levy when paying your tax bill is not a possibility:

• The levy was received after the statute of limitations expired
• Convince the IRS that the levy's release will make you pay them
• An installment agreement is arrived at
• The levy will cause you extreme financial hardship
• The assets taken exceeds the taxes owed so some of the assets are released
• Bankruptcy claim
• Offer to compromise

Before an IRS levy is received, you can prevent your assets from getting seized. If you think that you're breaking the law, don't try one of these:

• Transfer of assets: under certain circumstances, you can sell or give away assets
• Proof that the levy is uneconomical: if it'll cost the IRS more to obtain, store, and sell the asset than it is worth
• Asset is essential for you to work: if you need the asset to perform your job or to get to work
• Do not reveal the existence or location of your assets: if assets are located in other states, etc.
• Store portable assets off home or business premises: cars, boats, recreational vehicles
• Move bank accounts: a matter of self-protection
• Lease, do not own your property: can't take what you do not own
• Put money in retirement accounts: discouraged from seizing these
• Use a safety deposit box: they'll have a hard time finding these

It's important not to allow an IRS problem destroy your life. Avoid IRS levies at all cost. You have to be effective in dealing with your IRS problems.

Be Sociable, Share!

•