RS Tax Relief - What Does the IRS Go After When They Intend to Levy?
The IRS (Internal Revenue Service) can place a federal tax lien against an individual's property to collateralize a tax debt, while a tax levy involves the legal seizure of assets such as a bank account, your paycheck or Social Security benefit to collect a back tax debt. Delinquent taxpayers have a right to appeal or to pay tax off their tax debt before the IRS finishes the levy process. After the IRS sends an initial Notice and Demand for Payment (CP 501, CP 504) and a final notice (Notice of Intent to Levy and Your Right to a Hearing - CP 90, CP 91, Letter 1058), the IRS can seize most forms of property with few restrictions.
IRS Final Notice
Wages, Paycheck, Commissions, Social Security & Disability (SSDI)
With an IRS wage garnishment (levy), the IRS can force an employer to deduct owed tax payments from a worker's paycheck. Per federal law, the IRS cannot garnish more than the lesser of 25 percent of a worker's disposable income or 30 times the federal minimum wage of $7.25 an hour as of February 2011. Disposable income includes all earnings after an employer deducts all federal, state, local and Social Security taxes from a worker's paycheck. Since an employee funds retirement plans voluntarily, the IRS considers retirement investments disposable income.
When you deduct your regular taxes (federal and State), Social Security, Workers Comp., health insurance (if you have any) and then the IRS takes 25 to 80% of the remaining amount of your check, you will be left very little or next to nothing.
Flat Fee Tax Service Will have an IRS Wage Garnishment Stopped and Released in 1 Day/24 Hours
The IRS can choose to levy your bank account or brokerage account if the IRS cannot collect owed tax monies with a paycheck garnishment. The IRS could do both a bank levy and wage levy. With a bank account levy, the IRS can remove all funds currently in a money market, savings or checking account. In addition, a bank levy will freeze the levied account for three weeks (21 days includes Saturday, Sunday & holidays) before transferring funds to the IRS in order to prevent the depositor from withdrawing money. The federal government sets no limits on bank account garnishment, and the IRS does not have to give notification of when it intends to seize the funds.
Whatever the IRS finds in your account the day of the levy will be seized. It is extremely difficult to have those funds returned to you. Once the IRS has your money seized, you have little chance of having it returned to you if you do not have representation.
The IRS can place a tax levy against almost any type of asset -- including vehicles, boats, houses, and land -- that the IRS considers having monetary value. The agency cannot seize certain personal assets, such as clothing, furniture, and personal effects. The IRS will not "take the shirt off your back", you will just feel like they did. The IRS usually seizes personal assets as a "last resort" if the delinquent taxpayer does not have a bank account or the agency cannot locate the taxpayer's employer.
"Last resort" means you have a back tax debt and you haven't paid it. The Federal Government is broke and the IRS will be coming after you for your money. That's a fact. You do have Rights. Exercise them.
If you have a back tax debt that warrants an IRS Revenue Officer, be informed, that IRS Revenue Officers work from home which means that they spend a great deal of time in the field. They carry a badge and handcuffs. Yes, they could follow you from your workplace to your bank. Every day new advances in software make it easier to find assets. But as we mentioned, the IRS can and will do it "the old-fashioned way" and actually follow you.
The IRS cannot levy a residence if the taxpayer owes less than $5,000 to the agency, according to Internal Revenue Code Section 6334(a)(13)(A). The IRS can levy your paycheck, your wages, your Social Security, Disability (SSDI or your bank) no matter how much you owe and they are. The IRS cannot place a levy on intellectual property such as copyrights and trademarks. Books and tools needed to carry out a trade are exempt from levy. If you are a carpenter or mechanic, for example, the IRS will let you keep your tools. After all, the IRS wants you to be able to work so they can collect the back tax debt. The IRS cannot seize group pension plans, annuities, unemployment benefits, worker's compensation and military disability payments.
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Flat Fee Tax Service
Are you looking to Stop the IRS? Are you looking to Stop an IRS Tax Levy? If so, you have come to the right place. An IRS Garnishment / IRS Wage Levy can have a devastating impact on your financial situation. The IRS can seize funds from any institution, business or individual that has funds belonging to you.
FLAT FEE TAX SERVICE, INC. provides tax help to our many clients. Your Tax Attorney, at FLAT FEE TAX RELIEF, is highly skilled and educated with current IRS tax laws, IRS codes and IRS regulations regarding the release of an IRS Wage Levy.
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