If you, a financially struggling taxpayer, neglect to file income tax returns or take care of owing the IRS any back taxes in a timely fashion, you may ultimately be vulnerable to an IRS wage garnishment. While it’s important to do everything you can to prevent such enforcement action, if your payroll has already been infiltrated by the IRS, you may need to stop wage garnishment, before it compromises your finances.
Garnishing wages or paycheck garnishment is exactly what it sounds like: portions of each of your paychecks are seized, in this case because you owe an outstanding income tax balance. Chances are, you’re well aware of your status with the IRS, particularly if there is a problem. You’ll begin receiving IRS notices after a tax debt has been assessed, complete with instructions on what action you need to take.
When trying to determine how to stop an IRS garnishment, your first step should be to consult with a professional tax relief organization. A company like Flat Fee Tax Service, Inc. not only understands how to stop IRS garnishment efforts, but also how to prevent it from happening again. In order to stop an IRS garnishment enforcement action, a formal resolution will need to be put into place.
This resolution can consist of:
- An installment agreement between you and the IRS; in many cases terms of repayment are determined (how to stop a wage garnishment is secondary to fixing the underlying problem).
- Placing you into Currently not Collectible status.
- Using the Offer in Compromise program to settle with the IRS if you are eligible and qualified.
Do not call the IRS on your own. If you call the IRS, you will say the wrong thing and it will complicate your problems. The IRS is not your friend. A good first step is to request a consultation with a licensed tax professional. This is particularly important because even if your wages are being garnished, the IRS may still proceed with a bank garnishment, effectively wiping out your checking or savings account. This requires a little more description than “how does wage garnishment work.” The point is that your finances are in jeopardy and you need real help immediately.
A licensed tax professional understands not only how to stop wage garnishments, but what IRS payment plans you qualify for based on your circumstances. Handling such IRS action on your own is ill-advised. First, when you’re dealing with aggressive IRS collection action, you can’t simply write a “stop wage garnishment” letter to the IRS. You’ll need to explain precisely what steps you’re going to take to resolve your tax issue. These details may be best left to a licensed tax professional, who can ensure you get the fairest arrangement possible.
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