What To Do If You Receive a Levy Notice From the IRS
Have you received a notice of levy from the IRS? The IRS is not one to mess around with when it comes time for repayment. They are the least forgiving creditor when it comes to collecting what they think is owed to them. The IRS will seize assets including bank accounts and property such as wages or real estate.
Contact a Tax Relief Firm
The IRS is known for tricking people into giving incriminating answers. You should not represent yourself as you may end up in more trouble. Find someone who knows how to help! Finding a reputable tax resolution specialist is your best option since the average tax preparer does not know how to deal with these situations. The IRS is not your friend. They are the most brutal collection agency on the planet, existing solely to assess and collect taxes. The IRS will do whatever it takes when they think you have their money. They will also file a notice of federal tax lien. Have a real estate transaction pending? Any proceeds from the sale of that property over the mortgage amount will be intercepted by the IRS to go towards your outstanding tax debt. A tax resolution professional will ensure to protect your assets and income from the long arm of the IRS.
The next step you will want to do is gather all of your financial documents and call our firm. We will help put together your case to the IRS and represent you to let them know that a levy will cause hardship for you and your family. We will need documented evidence that the levy will cause financial hardship for you, and if you can prove this, the IRS will release the levy. However, this is just putting a temporary band-aid on the situation, you will still owe the balance to the IRS. Once we get the IRS levy released, it just means the IRS will not garnish your income and will work with you to figure out a game plan to resolve the debt.
Make Payment Arrangements
We can negotiate a payment plan for your back taxes with the IRS. Once you are entered into an installment plan, the IRS will release the levy notice.
Get an Offer In Compromise
More often than not, you can get your debt “settled” for less than what you actually owe. Oftentimes, for a lot less. This is what we call an offer in compromise. An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability via payments. Or if paying the full liability creates a financial hardship. The IRS will look into your ability to pay, your income, your expenses, and your assets to determine if you qualify for an offer in compromise.
The IRS generally approves an offer in compromise when the amount showcases the most they can expect to collect within a reasonable period of time. If you do move forward with an offer in compromise, make sure you hire a tax resolution specialist. The specialist will help you prepare, submit and negotiate an offer. Be sure to check their qualifications before working with them. In these situations, you want the best of the best to represent you before speaking to the IRS.
The IRS is no place for the faint-hearted. It’s hard enough filing your taxes on time every year! If you ever find yourself in need of tax resolution services that can help permanently resolve IRS problems – reach out to our firm! We will look into your situation and give you the best options for your specific case. Contact one of our tax resolution specialists at McCauley Law Offices, P.C. today.