If you owe back taxes, the IRS can issue a tax levy and seize your property to pay your outstanding tax 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. It’s important that you take an IRS tax levy 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 issue a tax levy unless you have received a “Final Notice of Intent to Levy and Notice of Your Right to a Hearing.” The final notice gives you 30 days to either pay the taxes or file a request for a collection hearing, where 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 are 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.
If you fail to respond to the Final Notice or don’t stick with a previously arranged payment plan, 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 remit 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. We will immediately contact the IRS and use our extensive knowledge and experience to arrange a speedy release of the tax levy.
While a tax levy usually arises from ignoring the IRS for too long, it’s never too late for a tax professional to negotiate a release of the levy. With years of experience and extensive tax knowledge, you can count on East Coast Tax Consulting Group to help you obtain relief from your tax problems!