IRS Tax Debt Help – 5 Assets You Safeguard When You Stop IRS Levy Actions

 

stop irs levy

 

An IRS levy is a lawful seizure of your property in order to satisfy a tax debt. The Internal Revenue Service will generally levy when they have assessed a tax balance due and provided a “Notice and Demand for Payment”, the taxpayer failed or simply refused to pay off the balance due, and a “Final Notice of Intent to Levy” has been mailed at least thirty days prior.

The Internal Revenue Service attempts to collect from the following sources:

1.Wages – An IRS wage levy is probably the most common form of IRS levy. It is sent to an individual’s employer to withhold a certain percentage (normally a high amount) of your wages per pay period.

2.Bank Accounts – This particular IRS levy is sent to an individual’s bank. The levy will seize the amount in the bank account up to the amount of the tax debt owed. This is a one-time levy nonetheless, the government could levy the bank account again.

3.Social Security – The Internal Revenue Service may levy up to 15% of your Social Security through the Automated Federal Payment Levy Program(FPLP), and manually there is simply no limit on what they are able to levy.

4.Retirement Accounts, Life Insurance, and Annuities – Mainly any sort of third party accounts in one’s name.

5.Property – This is actually the least common type of IRS levy. The Irs may take assets} such as homes, automobiles and about any kind of personal property with a few exceptions.If an individual does not pay his/her taxes (or make plans to settle the tax debt  the IRS might possibly seize and sell any type of real or personal property that you possess or have an interest in.

Exactly how Long Can An IRS Tax Levy Continue?
An IRS levy continues until the tax liability is paid in full, time to collect the taxes has ended or until the levy has been released.

How to Stop IRS Levy Activity?
An IRS levy is definitely an aggressive act by the Internal Revenue Service in order to seize property~assets}. The IRS will require disclosure of financial information and assets in advance of {releasing} any levy.

Putting a tax expert on your side who has knowledge in working with the collection department of the IRS and understands how to quickly stop IRS Levy procedures will ensure that the tax laws are worked to the tax-payers benefit. An experienced tax representative will also know the solutions for resolving any tax liabilities and the speediest way to have the levy removed.

About The Author

TK Bradley

tk bradley is a tax relief expert with many years of dealing with the irs and helping taxpayers to understand their rights and to settle their tax debt problems.