#IRSlevy

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Stop being distracted by fear of IRS levies. Professional help is just a call away! #TaxMeme #IRSLevies #TaxHelp

Stop being distracted by fear of IRS levies. Professional help is just a call away! #TaxMeme #IRSLevies #TaxHelp

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WHAT IS AN IRS LEVY

A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.

A levy allows the IRS to garnish(take) your WAGES or EMPTY OUT YOUR BANK ACCOUNT.

These are the 2 most common levies done by the IRS.

Generally, a wage levy is continuous and will remain in effect until it is stopped by the IRS by the IRS issuing a levy release.

A release can be a partial release or a complete release.

A Bank levy is usually a one time levy. This means that it only gives the IRS what you have in your bank account on the day the levy is processed. Funds deposited into your account after the levy will not be taken unless the IRS was to issue an additional levy.

Where does Internal Revenue Service (IRS) authority to levy originate?

The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax. See IRC 6331. Any property or right to property that belongs to the taxpayer or on which there is a Federal tax lien can be levied, unless the IRC exempts the property from levy.

What actions must the Internal Revenue Service take before a levy can be issued?

The IRS will usually levy only after these four requirements are met:

The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);

You neglected or refused to pay the tax; and

The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy. The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested. Please note: if the IRS levies your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.

The IRS sent you advance notification of Third Party Contact notifying you that IRS may contact third parties regarding the determination or collection of your tax liability.

When will the IRS issue a levy?

If you do not pay your taxes (or make arrangements to settle your debt), and the IRS determines that a levy is the next appropriate action, the IRS may levy any property or right to property you own or have an interest in. For instance, the IRS could levy property that is yours, but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions). Or, the IRS could seize and sell property that you hold (such as your car, boat or house).

HOW CAN YOU STOP A LEVY

GENERALLY, you will need to be in compliance by filing at least the last 6 years of tax returns, if you are not up to date with your filing.

You will than need to do one of the following

Set up a PAYMENT PLAN

Set up a PARTIAL PAY PAYMENT PLAN

Establish FINANCIAL HARDSHIP

File an Offer in Compromise

The IRS is required to release a levy if it determines that:

You paid the amount you owe,

The period for collection ended prior to the levy being issued,

Releasing the levy will help you pay your taxes,

You enter into an Installment Agreement and the terms of the agreement don’t allow for the levy to continue,

The levy creates an economic hardship, meaning the IRS has determined the levy prevents you from meeting basic, reasonable living expenses, or

The value of the property is more than the amount owed and releasing the levy will not hinder our ability to collect the amount owed.

Please note: The release of a levy does not mean you don’t have to pay the balance due. You must still make arrangements with the IRS to resolve your tax debt or a levy may be reissued.

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WHAT IS AN IRS TAX LIEN AND WHY DOES THE IRS FILE THEM ON TAXPAYERS WITH BACK TAXES?

What is an IRS Tax Lien?

A tax lien is the government’s legal claim to your property including property you obtain or have rights to in the future for the amount of the tax liability. The IRS files tax liens to secure payment of delinquent tax debt. When the IRS files a tax lien, it appears on your credit report, and it attaches to just about everything you own (automobile, house, and other assets).

If you sell your property, the IRS has the right to take the proceeds of the sale to cover your tax debt, interest, and penalties.

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The IRS’s Cincinnati campus hosts the Centralized Lien Operation. It is part of the IRS’s Small Business/Self-Employed Campus Compliance Services Operations (CCSO). It sends out Notices of Federal Tax Lien (NTFL) and Federal Estate Tax Lien. They process all lien notices and releases. Moreover, they also assist IRS personnel in the field with processing withdrawals, refiles and revocations.

When the IRS Imposes Tax Liens

If you owe more than $10,000 and you have failed to respond to the IRS’s first balance due letter, the IRS usually issues a tax lien. In rare cases, the IRS may file a tax lien on tax debts worth less than $10,000.

How the IRS Tax Lien Process Works

The IRS files a tax lien if the situation meets the following conditions:

The IRS assessed you with a tax liability. The IRS sent a notice to demand payment. You did not pay the debt in full within ten days after the IRS notified you of tax liability. Once the IRS takes these three steps, the agency can file a Notice of Federal Tax Lien for the amount of taxes owed plus interest and penalties.

Once the IRS files the NTFL document with a local county recorder of deeds or the Secretary of State, it applies to any assets you own now or in the future. It notifies your creditors that the IRS has a legal claim to your current and future assets.

The NTFL is a document that can identify up to fifteen different tax liabilities assessed against you or your business. It contains the last day the IRS can refile for each tax liability, which is usually ten years from the date the IRS assesses the liability plus 30 days.

Adverse Effects of a Federal Tax Lien A tax lien also appears on your credit report with the consumer credit reporting agencies. That can lower your credit score and make it extremely difficult to borrow money.

To explain, imagine you want to borrow money to buy a home. When you take out a mortgage, the bank has your home as collateral. Therefore, if you cannot pay your mortgage, the bank can take the property. However, if the IRS has filed a tax lien on your assets, the IRS has a priority claim over the mortgage company. It makes it risky for the bank to lend you money, and as a result, lenders usually turn down loan applications when you have a tax lien on your credit report.

It doesn’t just apply to mortgages. Federal tax liens make it extremely difficult to get car loans, take out new credit cards, or rent a home or apartment.

Property Subject to Tax Liens A federal tax lien attaches to all property owned by the taxpayer as well as all property rights. That includes tangible as well as intangible property. It also consists of all future purchases and gifts you receive after the IRS files the lien.

Here are some common types of assets affected by tax liens:

Houses or other property Motor vehicles Accounts receivable (bills due to your company) Rental income Securities such as stocks and bonds Getting a Tax Lien Removed

Tax liens stay in place until you pay your tax debt in full, the statute of limitations on collection expires, a bond guarantees payment or you fulfilled payments terms with an Offer in Compromise the IRS accepted. The IRS can also withdraw a tax lien if you make three successful payments on a direct debit installment agreement. However, a withdrawal is not the same thing as a tax lien release. If the IRS doesn’t withdraw your tax lien automatically, you need to contact the agency directly to request a withdrawal.

It is essential to understand that the Notice of Federal Tax Lien tells you your assessed balance but does not include charges for filing and releasing the lien.

The purpose of the tax lien is to convince you to pay your tax debt. Luckily, the IRS has various payment plans, settlement options, and penalty relief programs that make it easier to pay off your debt. To find out which option is best in your situation, contact one of our tax resolution specialists by calling for a free consultation.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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IRS Liens and Levies

IRS Liens and Levies

Prior to filing a lien on your property, the IRS will send you a Notice of Intent to place a Lien on your property.  You should take action immediately if you receive a notice of lien or levy.  If you do not take action immediately, the IRS can take your property or take money out of your bank account.A lien is a legal claim against any real estate owned in the county in which the lien is filed.   A levy is the action of taking an asset, such as a wage or bank account, to satisfy the payment of a debt.  Often times, the IRS will file a lien or levy against you if you owe taxes or if they claim you owe taxes. When you receive the Notice of Intent to place a lien on your property, our office can  take action to prevent the lien from being placed.  Negotiations are difficult if you miss your deadline.  If you failed to respond to the Notice of Intent to Levy or Place Lien, the IRS will file a lien in the property records.  Our office will then examine the different methods in dealing with your IRS lien or levy.

Options if you have an IRS lien or levy

1.    The IRS might release the lien or levy if you enter an installment agreement to pay the tax.  Click our Installment Agreements page in our website to see the critera for installment agreements. 2.    You can pay a portion of the tax by submitting an Offer in Compromise to the IRS.  If they accept your offer in full, they will release the lien or levy. 3.    You can file bankruptcy or appeal the lien or levy. 5.  You can request a lien subordination from the IRS. We don't recommend handling IRS lien releases yourself.  Radha Rothrock is a tax attorney in Fort Myers.  Her practice includes handling IRS liens and levies.  If you have been served with a Notice of Intent to Levy, call the office immediately at (239) 206-1948 to discuss your options. Read the full article

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IRS Liens and Levies

IRS Liens and Levies

Prior to filing a lien on your property, the IRS will send you a Notice of Intent to place a Lien on your property.  You should take action immediately if you receive a notice of lien or levy.  If you do not take action immediately, the IRS can take your property or take money out of your bank account.A lien is a legal claim against any real estate owned in the county in which the lien is filed.   A levy is the action of taking an asset, such as a wage or bank account, to satisfy the payment of a debt.  Often times, the IRS will file a lien or levy against you if you owe taxes or if they claim you owe taxes. When you receive the Notice of Intent to place a lien on your property, our office can  take action to prevent the lien from being placed.  Negotiations are difficult if you miss your deadline.  If you failed to respond to the Notice of Intent to Levy or Place Lien, the IRS will file a lien in the property records.  Our office will then examine the different methods in dealing with your IRS lien or levy.

Options if you have an IRS lien or levy

1.    The IRS might release the lien or levy if you enter an installment agreement to pay the tax.  Click our Installment Agreements page in our website to see the critera for installment agreements. 2.    You can pay a portion of the tax by submitting an Offer in Compromise to the IRS.  If they accept your offer in full, they will release the lien or levy. 3.    You can file bankruptcy or appeal the lien or levy. 5.  You can request a lien subordination from the IRS. We don't recommend handling IRS lien releases yourself.  Radha Rothrock is a tax attorney in Fort Myers.  Her practice includes handling IRS liens and levies.  If you have been served with a Notice of Intent to Levy, call the office immediately at (239) 206-1948 to discuss your options. Read the full article

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Afraid to put money into your bank account because of IRS levies? Our team can help protect your finances and lift levies, giving you the freedom to manage your money without fear. #IRSLevies #FinancialFreedom #TaxResolution

Afraid to put money into your bank account because of IRS levies? Our team can help protect your finances and lift levies, giving you the freedom to manage your money without fear. #IRSLevies #FinancialFreedom #TaxResolution

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Received an IRS Intent to Levy notice? Here’s what to do next. Understand the notice, respond promptly, and explore your options to stop the levy. We can help you negotiate with the IRS and protect your assets from being seized. #TaxTips #IRSLevy #TaxResolution

Received an IRS Intent to Levy notice? Here’s what to do next. Understand the notice, respond promptly, and explore your options to stop the levy. We can help you negotiate with the IRS and protect your assets from being seized. #TaxTips #IRSLevy #TaxResolution

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Innocent Spouse Relief

There may be instances when you will be held liable for your spouse’s or former spouse’s tax liability. This is a common occurrence especially since most married couples file their taxes jointly. In cases such as this, one tax resolution option that’s available is ‘innocent spouse relief.’ If your request is granted by the IRS or FTB the taxes and penalties will be removed from your responsibility

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Practical Ways To Avoid A Levy

Note - the following article contains general information and should not be construed as legal advice. Transferring assets to avoid IRS collections can have civil and criminal consequences.

The ideal way to settle a tax liability is to simply pay it in full. But what if you do not have the financial capacity to provide anymore? Is there anything that you can do to free yourself from this trouble? While the government collects taxes through the IRS, they cannot put you in jail. That’s a relief, at least! But no matter what you do, you cannot escape the obligation to pay your tax debt, unless you file bankruptcy and your tax obligations qualify for discharge.

If you cannot pay the levy because of your financial problems, try some other tax resolution options. There is usually something you can do or a remedy that you pursue.  Here are some alternatives to help you fix your levy concerns.

Transfer Your Assets

If you want to avoid losing your property to the IRS you can transfer its ownership for full consideration ie. fair market value.  Nevertheless, transferring assets is highly risky, as transferring assets for no other reason than to avoid IRS collection may constitute fraud. You have to make sure to convey your assets before the IRS issued a Notice of Intent to Levy. In this transfer, you must remember that the liability remains. This means that the receivers or buyers are not protected from IRS seizure. The new owner will have to bear the tax debt attached to the property.

An IRS tax attorney may determine whether the transfer is legitimate. The person to whom the property was given or sold will be a nominee. He will be an additional person to be responsible for the levy attached to the property. However, you will still be primarily responsible for the tax debt.

If you own the property together with another person, the IRS may have less interest in seizing the property. Having more than one owner means more capacity to pay the tax. The sale of the property can guarantee the compensation of another owner. This is on the condition that he or she has paid the full value for that share. After the sale, the IRS can claim the proceeds of the sale covering the tax obligation.

Convince The IRS That It Is a Disadvantage To Levy

When collecting on a levy, IRS always acts to the government’s advantage. If the IRS is seizing your old house for a debt of $25,000 you can convince them to back off. That house might cost $40,000 for fixing and restoration. You can also include the price of advertising the sale. Prove that the expenses of the levy and sale would exceed the fair market value. It is a good opportunity to use this situation to tell the IRS not to pursue taking your property.

Show That The Levy Would Prevent You From Earning A Living

You know your basic daily necessities, and you need to earn money to pay for them. If you have a property like a car that you need in order to go to work -  this may be exempt property. Although the law is strict, it still has a soft side that can give consideration to people's necessary living expenses and possessions. Tell the collector that you need your car to reach your destination for work. If the collector disagrees, ask for an accelerated appeals process to determine whether or not the asset is exempt.

Sell Your Assets

If you know that the IRS will start grabbing your property, don’t wait for them to do it. With guidance from a tax attorney, it may be smart to sell your real estate, cars, yacht, airplane, or whatever they can confiscate. Better sell them at a fair market price than a “forced sale” by the IRS. If you sell your property ahead, you can set a higher price and gain more funds. You can use that funds to pay your tax debts. IRS sales can result in the sale of properties below fair market value.

Move Your Financial Accounts

With counsel from your tax attorney, changing your bank account can be a wise move. It is your right, and no one can stop you from doing it. Even when you owe a tax bill, the IRS cannot prevent you from transferring your money. At this point, your money is safer, and you can feel less anxious about losing funds.

File A Petition for Bankruptcy

If you cannot pay your debts by any means, then this will be the last resort. Start by contacting a local bankruptcy attorney for a free consultation. Not all tax debt is dischargeable in bankruptcy, but old tax debt may be. The bankruptcy attorney can file a chapter 7 or chapter 13 bankruptcy petition to invoke the automatic stay and stop IRS collection actions. After filling, your assets may be liquidated in chapter 7 bankruptcy to pay all of your debts. You may lose property that cannot be exempted under state or federal law. It’s difficult, and the only consolation you have is the opportunity to pay your debt.

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The IRS uses a tax levy to collect money for a tax debt. The IRS can seize money from a bank account or via garnished wages. Learn how to prevent a tax levy.

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FLAT FEE TAX SERVICE 1-866-747-7435

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IRS Tax Relief - Tax Debt Help

If you have tax debt, you may be a prime candidate to benefit from a tax relief company. Call Flat Fee for details.

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FLAT FEE TAX RELIEF 1-866-747-7435

Coast to Coast - IRS Help

IRS Tax Relief - Tax Debt Help

AN IRS levy is an asset seizure designed to both confiscate assets and shake you up. Contact Flat Fee for details on a levy release.

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IRS Notice of Intent to Levy. What do you do? For more details call Flat Fee Tax Relief.

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Coast to Coast IRS Tax Debt Help

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IRS TAX DEBT HELP - WHAT IF YOU OWE THE IRS Most taxpayers who file their taxes get money back in refund form as a result. Getting a tax refund isn't always possible. If you have been collecting unemployment along with the $600.00 federal "kicker" and you haven't had taxes taken out will result in tax debt.