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Get Help with
IRS Tax Levy |
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Get IRS tax Levy Help, as an IRS Tax Levy is a legal seizure of assets taken in order to satisfy a tax debt.
An IRS Tax Levy can be attached to any property, including real estate and automobiles, but is most frequently applied to bank accounts, securities, wages and even a business' accounts receivable.
When the IRS issues a Tax Levy, it bars access to the affected assets by the rightful owner and transfers that authority to the IRS, pending outright seizure.
When the IRS assesses a liability against a taxpayer, it first sends that taxpayer a Notice and Demand for Payment. If the taxpayer does not respond, The IRS will likely file a Tax Lien and then Issue a Notice of Intent to Levy to the taxpayer. (This letter will say "We Intend to Levy Certain Assets" at the top).
If the taxpayer does not pay the tax debt in full or make other repayment arrangements soon, the IRS Tax Levy then goes into effect.
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Depending on what assets were levied, the IRS can then empty out the taxpayers bank account or contact businesses that owe the taxpayer money and order them to send the money owed to the IRS.
IRS tax levies are a particularly aggressive form of IRS Collection action and can create considerable hardship for any taxpayer who is the recipient of a Tax Levy.
Releasing an IRS Tax Levy generally requires coming to some kind of repayment agreement with the IRS. For instance, if a taxpayer decides to submit an Offer in Compromise proposal, then IRS Collections will be put on hold and the IRS will release the Tax Levy while the terms of the settlement are worked out.
It is also possible to have an IRS Tax Levy released based on a Hardship, if the taxpayer can prove that the IRS Tax Levy is inhibiting their ability to meet the basic necessities of living.
Releasing a Levy will provide some breathing room while a more permanent Solution is figured out.
Due to the severity and complexities which are caused when a levy is issued, we recommend Professional Representation when a taxpayer has been levied.
Washington Tax Services provides assistance for small businesses and individuals with past due tax debts.
Because of the time-sensitivity of the tax levy, if you have received a Notice of Intent to levy from the IRS, please contact Washington Tax Services right away!
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