Stop an IRS Tax Levy and Tax Levy Help from Flat Fee Tax Service
Updated: Apr 18, 2019
STOP IRS TAX LEVY - LEVY HELP
If you receive a notice of levy from the IRS, you may feel like you have nowhere to turn. The thought of receiving any letter in the mail postmarked by the IRS can make anyone fearful. Much of the fear of the IRS stems from a lack of understanding about how this government agency works, and that fear can severely affect your physical and mental health.
The IRS will not surprise you with seizure of your wages and other assets if you received their notices. The IRS will send many warnings beforehand to which you can respond. But those notices may be going to old addresses. It is not necessary for you to have actually received an IRS notice. The only obligation of the IRS to mail it.
The IRS is the most powerful debt collector in the country, and has broad powers to garnish money from your paychecks or levy the funds in your bank account. An IRS wage garnishment or bank levy can be an unwelcome surprise if you have bills to pay and it can throw your finances into disarray, setting you back months on accomplishing your financial goals. The IRS tax relief team at Flat Fee Tax Service will help you navigate this process every step of the way, and give you the best plan to stop the tax levy and help settle your debt.
What is a Notice of Intent to Levy?
A Notice of Intent to Levy—or CP90—is the last of several notices that inform a taxpayer that the IRS will start to seize assets. It is no wonder these notices are scary—IRS issues and letters can seem confusing, especially with the added stress of having the IRS on your back. The Notice of Intent to Levy is only sent if you have failed to make outstanding payments on your taxes. If you did not respond appropriately to the other notices, the Final Notice of Intent to Levy declares that within thirty days of the posted date on the letter, the IRS will levy your wages, bank account, or other available assets.
Before you received your Notice of Intent to Levy, the IRS sent you a series of four other IRS collection notices. Note that none of your assets or wages will be seized during the time period in any of these letters; assets will only be seized after the 30 days from the posted date on the Notice of Intent to Levy. These notices are cautions to make sure you pay your tax debt, and to warn you that your payment is virtually unavoidable (except in rare circumstances). The longer you ignore these warnings, the more dire the consequences.
The first of these IRS notices is called the Notice CP14, Status 21. This letter is meant to notify you that you have been assessed for federal tax liability that you owe the IRS, and that you are now a part of a five letter sequence (the fifth being the Notice of Intent to Levy). Remember that your assets will not be seized at this time. It is ideal that you or better yet, your IRS Tax Lawyer, respond to the first letter. To prevent any further interest or penalties that will inevitably accrue over time, a response is required before the Notice of Intent to Levy is sent.
The second notice is called the CP 501, Status 20. If received by a business entity, it is the first of four sequential letters. The CP 501 serves as a recap that you are still on the radar of the IRS. The third notice, or CP 503, Status 56 also applies to business entities, and there is no legal significance to this notice, but it is still a reminder that you only have so much time before the Final Notice of Intent to Levy. The fourth notice, called the CO 504, Status 58, and will have a return receipt requested. For a business, this notice does have legal significance, because it allows the IRS to levy your state tax refund. However, the IRS will still not levy your assets.
The IRS cannot levy to take your income in any of these notices before the CP 90. However, the Final Notice of Intent to levy is by far the most critical of all letters and you must configure a plan to pay off your tax debt, or seek financial experts to ensure your security. Of course, you can prevent receiving a Notice of Intent to Levy if you respond to one of these letters with payment. However, if you do not respond, you can expect a CP 90 to arrive in your mail.
The notice is essentially a call to action for you to respond by either paying your outstanding balance or respond with another viable option that the IRS will consider. If you do not respond with a payment in full or negotiate a payment plan, then after the thirty days, the IRS will start to seize all assets until your owed tax debt is covered. This also includes all incurred penalties and interest.
Can I Stop a Tax Levy?
Yes You Can.
Fortunately, there are many ways to navigate a potential IRS wage garnishment or tax levy. If you pay the amount in full, including interest and penalties, then the IRS will instantly stop all seizure of assets and income. If you would like to pay the total sum immediately, but do not have the money up front, you can refinance your home, get a loan, get an equity loan, use credit, or enlist the help of generous family and friends.
For many, however, this is not a viable option. You may not be in a position to afford such a cost in the present, or perhaps it may not be wise for your finances in the long-term. Many people feel at a loss if they cannot pay the full amount straightaway.
However, there are other options available. The only trouble is that most taxpayers are unaware what their options are or how to effectively navigate through them. The experienced IRS Tax Attorneys at Flat Fee Tax Service, Inc. can help you stop tax levy actions if the IRS has one in place.
IRS WAGE LEVY
IN ONE DAY
Contact our IRS tax relief team now and we may even be able stop collection problems from ever starting. Flat Fee Tax Service can guide you through a series of options, including Offer in Compromise, installment agreements, and Currently not Collectible.
Should I Ask for an Offer in Compromise?
An Offer in Compromise is a settlement agreement with the IRS to pay a smaller amount than what you actually owe. While in the process of approval, all collection of assets and wages is halted. While acceptance for an offer in compromise is not rare (2016 IRS statistics have the IRS approving 42% of all Offer in Compromise submissions), this can be a wonderful option for taxpayers facing hefty debts.
The filing process is complicated, but an experienced IRS Tax Lawyer (Flat Fee Tax Service has a 95% IRS settlement success record) can help you determine whether or not your request is likely to be accepted.
A formal process is required that must contain complete and detailed financial information including the finances of your spouse. Your form will be scrutinized, so it is important to go over your financial history effectively. Should it be accepted, your tax levy will be released and you will be considered in good standing with the IRS.
How Can My Debt Be Declared
Currently not Collectible?
It could be that in your financial case, it is unfair for the IRS to collect any overdue taxes. Flat Fee Tax Service, Inc. can help you determine if this applies to your dilemma. The IRS will only cease collections once it is proven that it is actually unfair. If you can prove that a wage garnishment causes undue financial hardship, then the government will stop its collection. Cases for financial hardship include the inability to pay for food, shelter, and other basic necessities. This is a temporary solution, but can be essential for those struggling to come up with the necessary funds. An IRS Tax Lawyer can analyze your financial, work, and tax situation to determine the best solution for you.
To stop tax levy actions you need to file all required back tax returns and reach a resolution with the IRS such as an installment agreement, hardship status, or a settlement. The IRS tax relief team at Flat Fee Tax Service, Inc. have helped thousands of taxpayers file back tax returns and reach resolutions with the IRS.
Flat Fee Tax Service, Inc. will custom tailor an IRS tax resolution plan for you that can stop or prevent tax levies and put your account into good standing with the IRS.
If you need IRS tax levy services, have the IRS Tax Attorneys design a plan to stop tax levy actions on your account today. Our company gives customers a rare opportunity to work directly with an IRS Tax Lawyer..
This stems from our company’s dedication to customer satisfaction and quality service. We work diligently to ensure that our customers are kept informed and that their tax problems are handled efficiently.
Unlike other resolution companies, in which customers pay high upfront fees, Flat Fee Tax Service, Inc. charges low, affordable fees that are spread out over 10 months.
READ: TAX LEVY FEES
Get your free consultation today and find out how you can get IRS tax levy services to stop your IRS tax levy today. Find out what IRS tax relief programs you are eligible for.