IRS Tax Levy ReleaseSalvatore Bochicchio
Boca Raton and South Florida Back Taxes Help
If you owe back taxes the IRS can issue a tax levy and seize your property to pay the debt. An IRS tax levy is not the same as a tax lien. A tax lien makes the public aware that the IRS has a claim on your property for unpaid taxes, while a tax levy is used by the IRS to actually take your property. An IRS tax levy should be taken very seriously as the IRS may seize and sell your car or house, or could levy your wages, retirement accounts, social security, bank accounts, and other assets you own.
The IRS cannot take any of these actions unless it has sent you a “Final Notice of Intent to Levy and Notice of Your Right to A Hearing” (Final Notice). The Final Notice gives you thirty days to either pay the taxes or file a request for a collection hearing. At the hearing you will have an opportunity to present alternative payment options. If you have received a Final Notice let our tax resolution professionals analyze your tax problem and provide a solution to your IRS tax levy. We will represent you at the collection hearing and negotiate a payment plan or settlement with the IRS. If your financial situation has reached the point that you unable to pay for basic living expenses, we can qualify you for “hardship status” and you will be relieved from making payments of your back taxes unless your situation improves.
Fast, Effective Tax Levy Resolution
If you fail to respond to the Final Notice the IRS will proceed to levy your property including your bank account. Your bank is required to hold the money in your account, up to the amount of your tax debt, for 21 days. During this time you may negotiate a release of the bank levy with the IRS. If the levy is not released during the 21 day period, the bank will send your money to the IRS. If you have been notified that the IRS is going to levy your bank account or garnish your wages, you need fast and effective tax levy help from East Coast Tax Consulting Group in South Florida. We will immediately contact the IRS and use our extensive knowledge and experience to arrange a speedy release of the tax levy.
An IRS tax levy can be released if:
- You make an offer in compromise or set-up an installment agreement
- You show that the levy creates an economic hardship for you
- Your request for innocent spouse relief is under consideration
- The release of the levy will facilitate the collection of the tax by the IRS
- You have paid the taxes
- The statute of limitations for collections ended prior to the levy being served
While a tax levy usually results from ignoring the IRS for too long, it’s never too late to have a tax professional negotiate a release of the levy and put an end to your IRS problems.
Call us today for help with IRS Tax Levy Release!
With over 30 years of experience serving taxpayers in Boca Raton, Florida and throughout the U.S. our tax professionals are here to help you obtain relief from your tax problems. Let our team of CPAs help settle your tax debt for the lowest amount permitted and solve IRS problems such as bank levy, IRS audits, wage garnishments, unfiled tax returns, IRS liens and payroll tax penalties. Call for your Free Consultation today!