Tax Levy, Tax Relief, Small Business Tax Preparation
The dreaded letter has arrived in the mail. Or several of them are piling up, and you know it’s a levy from the bank. You may lose your house or the money in your bank account. Time to act, and to prevent the bank from seizing your property.
Failing to pay your taxes tends to have consequences. Usually, you have to pay interest and penalties on missed payments. When you lose your property, it tends to be the last resort on the IRS’s part, when they don’t want to send you to jail. The IRS wants to get paid and would rather not put people in jail.
An IRS tax levy is never fun. It means that, in your case of failing to pay the amount owed on your federal tax return, the IRS is seizing your property or assets to pay the debt. Wage garnishment can ensue, as can losing your tax refund, the money in your bank account, or accounts receivable for small businesses.
THE LEVY AND TAX NOTICE
Before the IRS seizes your property, they will often place a lien on it and give you a fair warning. The lien is a claim on your assets or property which will be used to pay off the debt. Usually, you get several letters and notices of the intent to levy, which is a fair warning.
There is one simple solution to avoiding a levy or a lien: pay off your tax debt if you can. Or set up a payment plan so that the installment agreement can buy you some time. If neither works, you still have options.
How To Handle The IRS Tax Levy Letter
You need to act as soon as you receive the notice. Time becomes the essence. Once you get the final notice of intent, you have a narrow window of saving your assets.
If you have a solid case, one option is to request a Collection Due Process Hearing from the Collection Appeals Program. Then you have a smaller time window to make your case and argue to save your property. This is where having a professional will come in handy. They can help assemble your paperwork.
IRS Tax Levy
You can ask to arrange an offer in compromise or an installment plan with monthly payments. The offer in compromise means that you and the IRS come to an agreement about paying a smaller amount of tax debt. You have to meet certain qualifications. The payment plan will give you some breathing room, whether or not you qualify.
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If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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