Most Tax Payers wait to receive a threat of Federal Tax Levy, before consulting Tax Professionals. Federal Tax Levies are often utilized by the IRS to collect back taxes that are owed or believed to be owed by the taxpayers. The two most common forms of tax levy are IRS Bank Levy and IRS Wage Levy (a wage garnishment sent to payroll departments). The IRS can not only seize and sell property, but also take money from the bank account and take funds straight from the a paycheck to settle the debt. Federal tax levy is often initiated when taxpayers owe back taxes, failed to pay or file taxes, and refuse to make arrangements to satisfy the outstanding tax debt. When a taxpayer receives the tax levy notice, it is important to act right away before the tax levy is implements. In order to stop or prevent a tax levy it is crucial to act right away. There are several things taxpayer can do in such situation to negotiate with the IRS. The taxpayer can arrange IRS Installment Agreement that will allow the taxpayer to pay of tax debt in monthly payments based on current financial situation. If the taxpayer is in financial bind and cannot afford to pay back taxes, they may arrange the IRS Currently Non Collectible agreement. It gives the taxpayers a temporary break from paying back taxes allowing them time to get their financial standing back in order. Another option to avoid a tax levy is to file an offer in compromise which may decrease the owed amount making it easier and more manageable paying off back taxes.It is important to contact an experienced tax attorney with expertise in managing IRS tax collections. The tax attorney can not only help negotiate and advise, but also find the best solution for situation at hand.
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