- an overstatement of taxes, penalties and interest owed.
- only standard deductions and one (1) personal exemption allowed.
- no credit given for deductions as well as exemptions that you may legitimately claim such as children, interest and home or business tax credits.
The IRS tax relief team at Flat Fee Tax Service, Inc. will have your IRS levy stopped and released as well as save you time and money regarding any delinquent tax returns you may have.
TAX LEVY - IRS Levy - A Levy by the IRS is an actual seizure action taken by the IRS during their enforcement and collection of a back tax debt. An IRS levy is usually due to non communication by the taxpayer as well as the failure to file tax returns by a taxpayer. A taxpayer who has an IRS wage levy (668-W) because of a tax debt due to unfiled tax returns will never have the levy released through their own efforts. You will need the expertise of a 3rd party (IRS Tax Attorney) to have the levy stopped and released.
2 KINDS OF LEVIES - IRS Bank Levy & IRS Wage Levy -
IRS Bank Levy - When a taxpayer has a levy on their bank by the IRS, it is considered to be a "one (1) shot" levy. It is for one (1) day and the IRS will seize the amount that sits in your bank account at the precise moment that the bank receives the levy. In that day, the bank is required to remove the seized funds from the taxpayer's bank account and the bank is instructed to forward the seized funds to the IRS in 21 days. If, after the IRS levy and seizure, a remaining balance is owed for back taxes, the IRS will issue another levy and the entire process repeats itself until the tax liability is paid in full.
IRS Wage Levy / IRS Wage Garnishment - Just so you know, the IRS does not use the word "garnishment" at all. The term used by the IRS for seizure of assets is a levy. In the case of an IRS levy on your wages, the IRS will send your employer a 668-W which is an order to levy your paycheck. A 668-W levy is continuous which means that it only needs to be executed once. A wage levy will stay in place and will take your hard earned money until your tax debt is paid in full, you quit your job and take off or you have the IRS tax relief team at Flat Fee Tax Service, Inc. have your levy stopped and released.
An IRS wage levy will be brutal and the IRS will leave you without enough money to pay your rent, your car and barely enough to eat. The IRS wage levy is designed to not only take your money and pay your back tax debt, but, the IRS wage levy is meant to bring you to your knees financially and you will in turn agree to any Installment Agreement that the IRS dictates to you. There are many factors that go into an IRS Installment Agreement. It isn't as simple as you may think. Have an experienced professional negotiate with the IRS.
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