What can you do if the IRS wants to seize your property to pay off your tax debt? If you have found yourself in this situation, you most likely have been ignoring the IRS' phone calls and letters or you have challenged the IRS' assessment of your tax debts. Whatever your case may be, the following options may be able to buy you enough time so that you can gather together the cash you need to make some payments on your debt.
Every taxpayer should know about IRS paycheck levies. This is more so if you are presently contending with the IRS over your tax debts. According to current laws, the IRS can take up to 75 percent of your salary. The IRS will only allow you the amount of money you need for bare necessities like food and shelter every month. If you want to avoid this state of affairs all together, follow the tips below.
Can the IRS locate your bank accounts legally and without your approval? The answer is yes if it is for the purpose of getting back the money you owe in taxes. They can put a levy on your bank accounts until your taxes are paid up. This is just one of the strong arm tactics the IRS may use to get you to pay up. But how do they identify your bank?
Because creditors collect payments directly from paychecks, salary garnishment is a tough situation for people in debt. For a number of reasons, people can get their wages garnished.
First, wage garnishment happens after a verdict has been arrived at against a defendant. The defendant's paycheck is garnished as a result. This means that money is directly taken from the paycheck (or other source of income) to be paid to the creditor or plaintiff. Here are some typical reasons that wages are garnished:
Your employer has no choice but to directly give a part of your paycheck to the Internal Revenue Service if he gets a notification that you are under a wage garnishment. It's definitely as terrible as it seems since you'll never see that money.