So you have unfortunately found yourself in a situation where you are being threatened to have a irs tax levy imposed upon you and you are not exactly sure what you should be doing about it. An IRS tax levy is typically a legal form of seizing your property in order to satisfy your outstanding tax debts. If you do not pay all of your outstanding IRS debt, they have the legal right to take and sell any type of personal property that you own or have some sort of stake in. This includes, but is not limited to, your car, boat, house, or any type of land that you own. It is important to understand that this is not just limited to the personal property that you hold, but also that others hold for you such as your pay wages, bank accounts, and retirement accounts. This is why making certain you deal with the right company, to get out of IRS tax levy trouble, is an important thing to have done as soon as you possibly can.
The IRS will typically only levy you if a few things occur. The first of which is if you do not respond to a Notice and Demand for Payment that they sent out to you. This is just a collection notice that states that they will be taking some sort of action against you if you do not bother to respond to them and work it out. They can also issue a tax levy if you simply neglect or refuse to pay the taxes that you out right owe. The IRS will also send you a Final Notice of Intent to Levy and a Notice of Your Right to A Hearing at least thirty days before the levy on your property takes place. This last notice will typically be of certified or registered mail so it will be hard to miss unless it is sent to the last known address that you moved from.
If the IRS decides to levy your wages or salary then the levy will end when you pay down your tax debt in full plus interest that has accrued over time on it. The levy will also be removed if the time legally expires on collecting the tax that you owe to them, or that the levy itself is released by the IRS because you have come to some sort of resolution through an installment agreement or have reached an offer in compromise with them. If the IRS decides to levy your bank account then the bank has a maximum of 21 days to hold all deposits into your account that you owe and as soon as the time expires, they must then send any money that you owe in tax debt along with interest to the IRS.
Having to deal with any type of tax levy is a serious and sometimes overwhelming situation for individuals that are just trying to get by with what they have in our current time of economic crisis. Luckily, our website exemplifies professionalism and can easily help with finding the best solution to alleviate the problem from your shoulders in the least amount of time that is possible. Simply fill out our free short form and you will be contacted by one of our tax professionals who will be willing to listen to your personal financial problems and can help you reduce the burden of a tax levy while you still have the opportunity to.