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Aug 22, 2019
4 min read
Tax Levy | IRS Tax Garnishment | Flat Fee Tax Service
Updated: Nov 22, 2019
If you are facing a Tax Levy (#IRStaxgarnishment), you need experienced tax professionals on your side. An IRS Tax Attorney routinely have a tax levies and an IRS wage garnishment stopped in one day.
Flat Fee Tax Service has been helping clients with their tax ebt problems for over a decade. We can help you overcome tax roblems and get your financial situation back on track.
What is a Tax Levy?
What is a Tax Levy? Many people get a tax levy mixed up with a tax lien. We will explain the difference. The IRS has the legal right to impose penalties on taxpayers who don’t properly pay their taxes.
For example, a criminal who fraudulently reported income may face a penalty of jail time or a taxpayer who has not filed their taxes on time may be assessed a monetary fine. Another legal course of action available to the IRS is a tax levy.
The IRS explains a tax levy as “a legal seizure of your property to satisfy a tax debt. Tax levies are different from tax liens. A tax lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.” The IRS generally reserves this option for cases in which their attempts to contact the taxpayer have been repeatedly unsuccessful.
What to Do if You Receive a Notice of Levy from The IRS.
After being notified of a tax levy, immediately determine which entity is responsible for it.
If you determine that the IRS has put the levy on your account, examine your records and verify the debt.
The IRS may lift the levy if they find that it’s an error.
They may also lift it if they find that it creates a significant financial hardship on the taxpayer or another agreement for payment is made.
FLAT FEE TAX SERVICE'S TAX PROFESSIONALS ROUTINELY HAVE A TAX LEVY STOPPED AND RELEASED IN ONE DAY.
Contact a qualified tax professional at Flat Fee Tax Service to represent your best interest in a negotiation with the IRS to remove a tax levy.
The IRS strives to attain the full amount of the back-tax debt balance from the taxpayer.
Your tax representative’s thorough understanding of tax law and IRS procedures allows him or her to stop the tax levy, settle your tax debt (#OfferinCompromise)or establish an affordable payment agreement for the lowest possible amount.
Methods of IRS Tax Levy
The IRS has legal authority to enforce several types of tax levies. After an assessment of the taxpayer’s assets, the revenue agent will determine which tax levy provides the easiest avenue to full payment of the debt. This varies according to each taxpayer’s individual resources.
Wage garnishments and bank levies are among the most common methods of tax levy.
An IRS wage garnishment is also known as a wage levy. The IRS uses a wage levy to get your immediate attention and to obtain regular payments from the taxpayer’s paychecks. The IRS will serve an order on your employer. A tax levy directs the employer to withhold a specific amount from their employee’s paychecks and send it to the IRS.
The IRS then applies this to the employee’s back-tax debt. Wage garnishments continue until the debt is paid in full, regardless of employment changes or a release is obtained by your tax representative.
Should the taxpayer start a new job while the garnishment is in effect, the IRS sends a notice to the new employer. A wage garnishment can be stopped or reduced in some cases if the taxpayer makes other payment arrangements that are suitable to the IRS.
IRS Bank Levy
To obtain back-tax payments via bank levy, the IRS sends a notice to the bank directing it to freeze funds in your account. The freeze remains on the taxpayer’s bank account for 21 days, which gives the taxpayer an opportunity to address the tax levy before the funds are applied to his or her back-tax debt balance. The IRS only captures what is in your bank account at the time that the levy hits your bank. Any funds placed in your after the tax levy are not subject to the seizure. If you have an account with a small bank that may be unfamiliar with tax levies will require you to check with them. You don't want them taking more than ordered. Be sure to have a professional handle your IRS bank levy.
Why You Should Choose Flat Fee Tax Service to Help You With an IRS Levy - Tax Levy?
Reason #1: Our Tax Attorney will have your tax levy stopped in one day.
Reason #2: We have very affordable fees.
Our experienced and qualified tax professionals engage the IRS immediately. In the event of a hardship caused by a tax levy, we can have you declared to be Currently not Collectible.
If you received a Final Notice of Intent to Levy or discovered a levy on your property, bank account, wages or more, give us a call immediately.
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