Tag: wage levy

IRS Interest On Unpaid

IRS Interest on Unpaid Taxes If a taxpayer has a balance due owed on an person tax return, the IRS will add interest to the amount owed till the balance is paid in complete. Usually interest is charged on the unpaid balance from the due date of the return until finally the tax is paid in complete regardless of extensions. Frequently times the addition of penalties and interest can add amounts to the currently huge tax liability and overwhelm the taxpayer…

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Understand, Then Stop IRS Levy Action

  stop irs levy   An IRS levy is a lawful seizure of your property by the IRS to satisfy a tax liability. It generally comes as either a bank levy or wage levy. Knowledge of which sort of levy is in effect is the first step in moving towards releasing it.   STEP #1 -  Take a look at the Notice the IRS has sent.   The IRS sends the following types of notices before they issue a levy.   CP501 – This is a Reminder…

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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…

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IRS Tax Debt Help – The Difference Between An IRS Levy And An IRS Lien

Two standard methods come to mind when thinking about how the IRS tries to recover delinquent taxes. An IRS tax lien and an IRS levy. Many have confused these as being the same, but, in reality, they aren't.   An IRS levy is a seizure of personal assets and or property to pay a tax balance. However, a tax lien safeguards and secures the IRS interest in a property and any rights to property. A tax lien will not actually seize a…

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