Thursday, August 10, 2017

Stop an IRS Levy - Take Action to Lift your Tax Levy - IRS Tax Attorney

What is an IRS Income Tax Levy?

An income tax levy is instituted when the IRS is trying to satisfy a tax related debt. The IRS has the authority to seize your wages and/or property, through an IRS levy, in order to satisfy an income tax debt. The IRS is required to follow a set number of steps before they can issue an IRS levy. This includes multiple notices. 


The three steps to an IRS levy are:
1. A Notice and Demand for Payment following an assessment of your taxes by the IRS
2. You have openly refused, or neglected to pay taxes
3. The IRS has issued you a Final Notice of Intent to Levy in addition to your Notice of Your Right to a Hearing. This must be done at least 30 days before a levy is issued, but it can be performed in a variety of ways. Notices may be delivered to a work place, home, last known address, or in person.

What is the goal when the IRS slaps your with an IRS Levy?

That is a simple one to answer. The IRS is only interested in one thing, the collection of tax money. It doesn't matter if they are trying to collect the right amount or not. That is the taxpayer's problem to figure out.. 

As a government entity, the IRS, isn’t entirely impartial though. In order to stop, release and lift the IRS levy, a taxpayer must be pro-active. There are several ways to do this, but time is severely limited. The earlier you act the more options you have.

FLAT FEE TAX SERVICE, INC. WILL HAVE AN IRS LEVY STOPPED AND RELEASED IN ONE DAY




How to Stop, Release and Lift an IRS Levy

a. Pay your owed taxes in full: Duh! No kidding. When you don’t pay your taxes the IRS may charge interest and associated penalties. If you have a way to pay this amount back in full you can avoid an IRS levy. This may mean selling assets, taking a loan out, refinancing your home, or borrowing the money.

b. Enter into an IRS Installment Agreement: As long as your owed amount is under $25,000 the IRS will work with you to create an installment agreement. The reason why the IRS will easily work with you on an income tax debt under $25,000 is that the IRS isn't required to find out if you can afford the Installment Agreement.

c. Prove financial hardship: As we said before, the only goal of the IRS is to collect income taxes. If an undue financial hardship would keep that collection from occurring, the IRS levy may be released. This typically must be an extreme situation as “hardship” is not clearly defined. Trouble feeding yourself or family, or affording lodgings, and similar hardships may qualify. An experienced tax professional will be able to navigate this for you.

d. Offers in Compromise: An Offer in Compromise is the program that allows the IRS to settle your income tax debt. An Offer in Compromise will halt an IRS levy until a decision is made by the IRS on your settlement offer. An accepted offer will require payment of the stated amount and release the levy. A rejected offer will resume the collections process. It is better to an an experienced IRS Tax Attorney handle your Offer in Compromise.

95% OF FLAT FEE TAX SERVICE, INC. CLIENTS HAVE RECEIVED A SUCCESSFUL OFFER IN COMPROMISE

PER IRS STATISTICS FOR 2016: 42% OF THE 
OFFER IN COMPROMISE 
SUBMISSIONS WERE APPROVED

e. Create a Partial Payment Agreement: Partial payments are similar to installments, but allow you to make smaller payments. This may also reduce the total amount that is owed as well. You must prove that a standard Installment Agreement is an impossibility, and that this is the best opportunity for the IRS to collect taxes owed.

Seek the Services of An Experienced 
IRS Tax Attorney

The options we listed above are simply the most commonly pursued. Other options include proving your assets have no equity, waiting for the 10 year statute of limitations to expire, appealing the levy, or filing for bankruptcy. Depending on your financial situation and the amount owed, some options are better than others. 

The best IRS help team at Flat Fee Tax Service, Inc. will help you determine which option the IRS is most likely to accept, and our IRS Tax Attorney will actually represent you before the IRS. 

When deadlines are so crucial (and they are with the IRS) it’s also important for documents to be filled out correctly and returned on time. 

Do you know the IRS Code? Do you know all of the different rules the IRS has regarding the amount of income tax owed? Do you know how to protect yourself from IRS enforcement?

STOP AN IRS LEVY

GET IRS PROTECTION

CALL THE FLAT FEE TAX SERVICE, INC.

IRS TAX HELP PHONE:

1-800-589-3078

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