Avoiding an IRS Levy (IRS Wage Levy or IRS Bank Levy)
By an IRS levy, the IRS can take ownership of your assets, such as bank accounts, wages, and property. They will seize assets needed to settle your tax bill. When you have received notice of an IRS levy, you are in huge trouble.
The best way to avoid a levy is to pay your taxes in full, including any penalties or interest that has accrued. Remember, your tax liability is growing every day with the addition of more penalties and interest. Get this settled as soon as possible before it gets out of hand.
If you can't pay your tax liability, there are options to get the IRS to cancel a levy:
The statute of limitations ends before the levy is served
Convince the IRS that the levy's cancellation can help pay them
An installment deal is met
Financial hardship will result from the levy
Part of the assets will be released if the assets taken exceeds the taxes you owe
Declaring bankruptcy
Submission of an offer in compromise
There are also ways to avoid seizure of your assets. Note that these have to be done before notice of an IRS levy is received. Check to make sure that you are not violating the law while trying any of the following:
Transfer assets: sell or give away assets under certain situations – seek legal advice before transferring assets
Give evidence that the levy is uneconomical: obtaining, storing, and selling the asset will cost the IRS more than what it's worth
Asset is essential for you to work: you can't do your job or get to work without the asset
Lease your property: they can't take what you don't own
Put money in retirement accounts: they're discouraged from taking these.
You have to be effective in facing your IRS problems. Do not let them ruin your life. Avoid IRS levies, when possible.
The best way to avoid an IRS Levy is to seek experienced IRS Tax Debt Help like Tampa Tax Attorney, Darrin T. Mish. He can be reached at (888) 438-6474 Tollfree!
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Comments on Avoiding an IRS Levy (IRS Wage Levy or IRS Bank Levy)
i have trust fund taxes i owe that i will never be able to repay, i tried to make an agreement with them and they will not make any deal. i got an attorney and they did nothing,he was a tax attorney an he was useless for the lack of a better term. i will be filing bankruptcy or just quitting my job,they have me broke as can be, i make about 1700 each ay and they take anything over $900.00. i figure i can go broke working or not working. i called the advocacy dept of the irs and they got back to me , but nothing positive. what should i do ?
I received a notice from the IRS that I owed money from 2005. I sent an amended return done by a professional in to the IRS the middle of April. I have spoke with 4 different people since then to get a status of my amended return. I received a letter the end of June that they had put a levy on my bank account. I called talked to a lady there she said she would cancell the levy. She said oh the bank will get the letter then get the one that cancells the levy. And that the amended return should be completed by the 20 of July. I went to the bank this past monday. The levy is still in place. I called again. This time I was told that this was the second cancellation, it takes two weeks to complete. Yesterday I received a notice from my bank. The IRS took the ENTIRE amount, there was more in the bank than what they said I owed. I feel like I have gotten the run around been lied to several times. None of what I have been told has been the same from IRS rep to the next. One told me it takes up to 6 months to get an amended return completed. Another said it takes 3 months, but they say 3-4 because if someone is owed money the check may get to them a week or two after the 3 months is up. I am at a loss of what to do now. They kept our tax refunds, stimulus check, and now have a levy on my bank account. I cant pay my bills because the bank said they will take what I deposit into the account. Now what do I do?