In respect to the IRS, the correct term for asset seizure is a Levy. For our purposes, a garnishment and a levy are the same thing. The terms are used interchangeably in respect to the seizure of assets by the IRS.
Assets subject to a wage garnishment or levy
An IRS levy or wage garnishment are enforced collections of money owed. A wage garnishment or levy may be against any asset. In the enforcement of tax collections, bank accounts, accrued salaries, wages, Social Security, Social Security Disability (SSDI) or Veteran's pension are the most common targets for an IRS levy or garnishment; nevertheless, the term may be applied to the legal seizure of any asset including furniture and fixtures, machinery, autos and boats or any other assets that could be garnished. Your tools for the trade are protected from garnishments up to a value of $3,390. (If you own cows or chickens you can keep up to $6,780 in value). As you can see, the IRS will not leave you with much.
An IRS wage garnishment / wage levy is continuous and stays in effect until the tax is paid in full or until the IRS agrees to release the levy.
There are several reasons why the IRS or a state would seize your assets through an IRS garnishment or Levy.
Either you have not paid an outstanding tax obligation, you have not filed all your tax returns or you have defaulted on child support or some other mandatory obligation.
What can you do if the IRS imposes a garnishment / levy on your bank accounts or your wages?
The first step you should take when you receive an Internal Revenue Service (IRS) Notice of Intent to Levy and Notice of Your Right to a Hearing (CP 90, CP 91, CP 297, Letter 1058, LT11) is to contact us at Flat Fee Tax Service.
We will contact the IRS immediately to obtain its records of taxes owed and returns required to be filed and income records of W2's and 1099's filed in your name. The next thing is to file any delinquent tax returns. But you must file all required returns. You must be Compliant.
Then you are in a position to determine your true tax liability for all years, at which point you have five alternatives for getting a levy / wage garnishment stopped and released:
1. Pay the tax immediately;
1. Pay the tax debt immediately
2. Enter into an Installment Agreement with the IRS; (have a professional negotiate this)
3. Submit an Offer in Compromise; (this will stop all collection activity as well as settle your tax liability with the IRS)
4. Get placed in Currently not Collectible status or; (you will not pay and the Statute of Limitations continues)
5. or, enter bankruptcy.
Generally, the quickest way to get a garnishment / levy removed is to pay the tax or negotiate an installment agreement / payment plan. However, there is much more involved to an Installment Agreement than simply saying yes to an amount.
Flat Fee Tax Service, Inc. may have you enter into an Installment Agreement to begin with while we gather information for your IRS settlement through the expanded IRS Fresh Start Offer in Compromise program.
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While we have attempted here to explain, clearly and concisely, the wage levy or wage garnishment process, we cannot set out all the finer points here. Flat Fee Tax Service is known as the nationwide leader in stopping and removing an IRS levy / garnishment. Flat Fee Tax Service, Inc. specializes in this area of tax administration and we encourage you to email us or call us at our toll free number for a free consultation on your IRS garnishment / levy problem.
WHY FLAT FEE TAX SERVICE, INC. TO STOP IRS:
• Experienced Tax Attorneys
• Accredited by the Better Business Bureau - A PLUS Rating
• Integrity, No Complaints and Credibility always
• IRS Wage Levy Release in 1 Day/24 Hours
FLAT FEE TAX RELIEF SERVICE FEES ARE:
• Flat and Fixed with no hidden charges - Low initial retainer
• Credit Available for Everyone - Fees Payable in small monthly installments
• Low initial payment to begin immediate work
• Always affordable, flexible & no salesmen commissions
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