Tuesday, August 22, 2017

IRS Garnishing Wages - Stop IRS Wage Garnishment - IRS Tax Attorney

IRS GARNISHING WAGES

IRS WAGE GARNISHMENT FORMULA

The IRS garnishing wages will have the IRS legally seizing any income you make to satisfy federal tax debt or income taxes owed. 


The IRS garnishing wages can apply to your hourly wages, salary, commissions, and bonuses. The IRS will contact your employer directly and order your employer to directly send the IRS a large portion of your income. 



Your employer is required by law to comply with the IRS wage garnishment, typically within one full pay period of receiving the notice from the IRS. The difference between the IRS and most creditors, however, is that the IRS does not need to get a judgment in court to order your employer so that the IRS garnishing wages can happen. An IRS wage garnishment of your paycheck will be more than a regular creditor can garnish.

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IRS Wage Garnishment Formula

With the IRS garnishing wages for an income tax debt that you owe, or use any other legal means to enforce payment of the taxes that you owe, it will first send you a written notice that sets out the amounts that you owe, including the tax, penalties, and interest. 

This notice should also provide you with a due date by which you must pay the balances in full. Assuming that you do not pay the balance in full, you later will receive another notice, entitled “Final Notice of Intent to Levy,” Once thirty days have passed from the time you have received the final notice, and you still have failed to pay the balance due, an IRS wage garnishment will continue unless stopped.

IRS Wage Garnishment - How Much Can The IRS Take?

The law places limits on the amount that a regular creditor can garnish from your wages. However, these normal limits do not apply to the IRS garnishing wages. The tax code requires the IRS to leave you with a certain amount of income after garnishing your wages to pay your income tax debt. The tax code contains a table that corresponds to the number of exemptions that you claim for tax purposes, and sets forth the amount that is necessary for you and your family to pay for basic living necessities. Unfortunately, an IRS wage garnishment can amount to 70% or more of your income.

Stop an IRS Wage Garnishment

There are a number of different ways in which you can resolve your problem with the IRS. To stop an IRS wage garnishment, you must get back into good standing with the IRS, either by paying your balance in full or entering into a tax payment plan or some other type of resolution.

Enter Into an IRS Installment Agreement

The IRS will stop a wage garnishment if you enter into an approved installment agreement to pay your tax debt in full over a series of monthly payment installments. As long as you can make the monthly payments and pay off the debt before the debt becomes uncollectable by the IRS, your installment agreement is likely to be accepted by the IRS.

IRS Settlement - Make an Offer in Compromise

In some cases, you may be able to settle your income tax debt with the IRS for much less than the total amount that you actually owe, based on your current financial situation. This is a fairly selective program and you have to financially qualify. If the IRS garnishing wages gets you motivated, you may qualify for this type of relief, and your IRS wage garnishment will stop while your case is being reviewed.

Uncollectible Due to Financial Hardship

If you can prove an IRS wage garnishment or other collection action would prevent you from meeting the basic needs of you and your family, then the IRS may temporarily cease its collections efforts for months and even years. You must show that collection of the tax debt would be unfair because your financial circumstances are so bad. The IRS will require financials.

File a Tax Levy Appeal

If you disagree with the IRS garnishing wages in any way, you can file an appeal, even if it has been more than 30 days since you received the notice of intent to levy.

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