Ways To Stop IRS Levy Actions
Free IRS Tax Debt
Consultation
There are a number of reasons why a person ends up owing the Internal Revenue Service a
large amount of money that they are unable to pay right away. The vast majority of people who owe the IRS have
not committed fraud or intentionally done any wrong doing. In today's economy, more and more people are
finding them selves behind in their required tax payments and unable to pay the balance owing on their tax
returns when they file. One of the methods the IRS uses to collect monies owed to them is through the use of
levies (garnishments), on a person's wages or bank accounts. It is a drastic step to take and is usually only
used as a last resort when all other attempts at communication have failed. Luckily, there are ways to
stop IRS Levy actions.
The reason most of the persons get an IRS tax levy on
their bank account is because they do not realize the importance of staying in communication with the tax agency
if monies are owing. The IRS sends out a series of collection notices including a Final Notice of Intent to Levy
and Notice of Your Right to a Hearing which gives a person 30 days to file an appeal against the proposed IRS
levy action. Once that 30 day period is up and there is not appeal filed, the IRS begins sending out
levies.
If you are in the unfortunate position of being on the receiving end of such an
IRS collection procedure, you should immediately use the contact number on the levy to get in touch with the
assigned collector to work out an alternate payment method so that you can obtain a levy release. In other words
the way to stop an IRS levy is to offer some other way to pay the tax liability.
The most common method to achieve this is the IRS payment plan or
installment agreement.
This will allow you to make monthly payments on the outstanding debt. If you qualify you may want to try
submitting an Offer in
Compromise as a way to resolve the back taxes. The IRS even has a procedure where you will
be considered currently
uncollectible based on a hardship if you can show the making payments of any amount would be
a impossible.
Other possible solutions may be IRS penalty relief or
even Innocent spouse
relief. If you feel that the whole thing is overwhelming, then seek out qualified
professional help to stop the IRS levy action. One of the advantages of hiring an experienced tax
attorney or other tax professional is that they deal with IRS levies often and they know the
drill as far as what it takes to get a release or stop a levy to begin with. When you are under threat of IRS
levy, you really do not want to waste time tying to figure out things for yourself.
In order to prevent the IRS from following through with the levy, you will have to
provide full financial disclosure often with Form 433-A and maybe Form 433-B. These forms request information about
all of your assets as well as all income and expenses. It is essential that all requested information is provided
so that the IRS collection representative can make an accurate determination of your current financial
situation.
Once you have entered into an agreement for repayment with the IRS, it is
important provide your bank or employer with the levy release so the withholding of funds will stop.
It can be a shock for people to find that the Internal Revenue Service has such
power over their money. When people first realize that they are having their hard earned wages taken directly out
of their bank account by the IRS, it can be a terrible traumatic situation for them. This is not the end of the
world though. And IRS levy can be prevented and if received, released.
The IRS does not really want to levy a person's wages or bank account. They
would much rather use one of the payment options described above. If you find your self in this situation, do some
research or hire professional
help, but please do not ignore the IRS. In the long run it makes much more sense to stop the
IRS levy by negotiating an IRS settlement
agreement than have your wages taken.
If you feel like you need some help with this situation, then click the link below
for a free consultation.
Click here now for your FREE tax debt consultation!
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