If the Internal Revenue Service (IRS) has put a levy on your bank account, it can be a scary experience. You may not know what to do or where to turn for help. We hope this page will provide you with some basic information about IRS levies and what you need to do in order to resolve the situation.
If you’ve received an IRS tax levy or lien notice, it’s time to call Damiens Law Firm, PLLC. Many clients of ours have benefited from our firm’s experience handling tax levy situations and obtaining levies reversed. The earlier you act in resolving the issue, the more likely you are to get a favorable verdict.
Understanding tax levies & liens
The IRS may decide that a levy is required action if someone fails to pay their taxes. An IRS levy is one of the most painful collection methods, as it entails the lawful taking of property to pay off a tax obligation.
The IRS has the authority to seize any property you possess or have an interest in, including:
- Bank accounts
- Retirement accounts
- Rental income
- Accounts receivable
The IRS may also choose to attach a federal tax lien to your assets in order to guarantee payment of outstanding taxes. Liens can be attached to all of your assets, including property, vehicles, and securities, as well as any business property you own.
How to stop a tax levy
To prevent a tax levy, the taxpayer must take immediate action. There are numerous approaches to get an IRS tax levy lifted. The first step is to contact an experienced tax attorney, like Damiens Law Firm, who can help you navigate the complex IRS system.
Ways to release a tax levy:
- Pay the debt in full
- Prove financial hardship
- Enter into a payment plan
- Submit an offer in compromise
- Apply for the Fresh Start Program
- Request a partial payment agreement
- File for bankruptcy
Contact Damiens Law Firm, PLLC today
If you’re in a situation where the IRS is preparing to put a levy or lien on your property, it can be frightening. Our tax levy lawyer in Mississippi is here to assist you with resolving your problem and getting your life back on track.
What is an IRS levy?
IRS levies are legal actions the IRS takes to collect taxes you owe. The IRS can take your money from your paycheck, bank account, retirement account, or other assets. A levy is different from a lien. A lien is a claim on your property, like your house or car. IRS levies actually take your property. The IRS usually sends you a notice before they take your property. The notice will say how much tax you owe and what you can do to avoid the levy.
You have options to avoid or release a levy. You can pay your tax liability in full, set up an installment agreement, or request an offer in compromise. If you don’t take action, the IRS will continue to collect from you by levying your assets. So it’s important to act quickly if you receive an IRS levy notice. Otherwise, you could face some serious financial consequences.
How will a tax levy affect me?
IRS levies are one of the worst things that can happen to someone with tax liability. A levy allows the IRS to seize your assets in order to satisfy your tax liability. This can include things like your car, your home, or your bank account. The IRS can also garnish your wages in order to collect on a tax liability. Levies are not common, but they are incredibly disruptive and can cause serious financial hardship. If you are facing a tax levy, it is important to seek professional help immediately. An experienced tax attorney can help you negotiate with the IRS and resolve your liability without the need for a levy.
What can I do to resolve the levy?
IRS levies are one of the most powerful collection tools available to the IRS, and they can be frightening for taxpayers. IRS levies can be used to collect many different types of taxes, including income taxes, payroll taxes, and estate taxes. IRS levies can also be used to collect penalties and interest owed on delinquent taxes.
If you have received a notice of IRS levy, it is important to take action quickly to resolve the issue. The first step is to contact a tax attorney right away to contact the IRS and try to negotiate a payment plan or another resolution. If you are unable to reach an agreement with the IRS, you may be able to appeal the levy. There are several different options for appealing an IRS levy, and an experienced tax attorney can help you choose the best option for your situation.
IRS levies can be frightening, but there are options available for resolving them. An experienced tax attorney can help you understand your options and make the best choice for your situation.
How can I prevent a tax levy from happening in the future?
No one wants to deal with the IRS, but IRS tax levies are especially stressful. A tax levy is when the IRS seizes your assets in order to satisfy a tax liability. The IRS can levy your bank account, your wages, your retirement account, and even your property. Needless to say, it’s important to do everything you can to avoid a tax levy.
So how can you prevent a tax levy from happening in the future? The best way to avoid a tax levy is to stay on top of your taxes. File and pay your taxes on time every year. If you can’t pay your taxes in full, set up a payment plan with the IRS. And if you owe back taxes, don’t ignore the problem. The IRS will eventually catch up with you, and the sooner you take action, the better. By taking these steps, you can help ensure that the IRS never comes after you with a tax levy.
What happens when you get a tax levy?
IRS levies are one of the harshest collections actions the IRS can take against you. A levy allows the IRS to seize your property in order to satisfy your tax liability. The IRS can levy your wages, bank account, or other assets. In most cases, the IRS will send you a notice before levying your property. However, there are some exceptions. If you do not pay your taxes or make arrangements with the IRS, they may issue a levy.
If you think you might be at risk for a levy, it’s important to act quickly. Once the IRS levies your property, it can be very difficult to get it back. Therefore, it’s important to try to resolve your tax liability before it gets to that point.
Why do I have a tax levy?
A levy gives the IRS the legal right to take your property or money to pay your tax liability. The IRS can levy your wages, bank account, retirement account, investments, or other assets. A levy is different from a lien. A lien is a claim against your property and gives the IRS the right to be repaid from the sale of your property if you don’t pay your taxes, but a levy actually seizes the property. IRS levies are very serious and can ruin your financial life. The good news is that there are ways to avoid or release a levy.