Category Archives: IRS

3 helpful ways of stopping IRS tax levy

September 05, 2015   admin   No comments

When the IRS puts a levy against you, their recovery process can be very aggressive. They will seize your property legally in order to satisfy a tax debt. The IRS has legal rights to levy your bank account, your wages can be garnished and they can hold your property. IRS will mainly put bank levies and wage levies to recover unpaid tax debts.

IRS

IRS

– Before the IRS can put a levy against you, they must adhere to the three main requirements:

– The IRS should send the tax liability due and a demand notice to the taxpayer

– Once the taxpayer receives the document, he has to neglect or refusing paying the debt. Then only the IRS has legal rights to put levy

A Final Notice of Intent to Levy and Notice of Your Right to A Hearing is sent to the taxpayer 30 days before the levy. It is handed over to the individual or is sent to his mailing address. The IRS tax levy will continue until the tax debt is paid in full, the time to collect is expired or until the levy has been released.

You don’t want to get into deeper troubles by dealing with the IRS. Here are three quickest ways of stopping IRS levy action.

Paying the tax liability in full – The IRS will release the levy once the taxpayer pays off the debt in full.

A Streamline Installment Agreement – if the balance is less than $25,000, then you can set up a streamline installment agreement with the IRS. You don’t have to discuss much about your financial situation while setting up this agreement. Once approved, it can be set up over 60 months.

File Bankruptcy – When you file for bankruptcy, “a stay of collection” will be automatically put on your account. Bankruptcy has certain laws in terms of tax debts. Not all types of tax debts will qualify in it and the ones that qualify, have very strict guidelines. It is suggested that you talk with a bankruptcy attorney before considering this option.

These are some of the options in stopping the IRS levy. If a person does not qualify in any of the above, then an Installment Agreement is to be set with the IRS that requires financial disclosure and IRS manager approval.

  • Important Resources:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Levy

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