Have you received a IRS Notice of Intent to Levy?
If you have received a notice of intent to levy from the Internal Revenue Service you can stop them by simply calling the Internal Revenue Service today and letting them know how you want to dispose of your IRS tax bill.
Before doing so you must have an exit strategy and a plan of action.
You need to be prepared to give them the information they are looking for but by calling our office we can immediately stop the IRS right now.
Being former IRS agents, managers, and tax instructors we know the exact systems, the exact protocol and the exact techniques to go ahead and to get you the time you need to settle your case with the Internal Revenue Service. IRS help is just a phone call away.
Why you have received the Notice of Intent to Levy?
If you have failed to respond to prior IRS notices and bills the IRS systematically sends out a notice of intent to levy. Generally to other bills or notices have been sent to the last known address shown on your last file tax return.
If you do not respond to that intent to levy, the IRS will send out either a IRS bank levy or an IRS wage garnishment. That information is stored on the IRS Cade 2 computer system.
It is critical you contact IRS and prepared to give them a current financial statement so they can dispose of your case off the IRS enforcement computer.IRS will want a current financial statement on form 433-F.
Be careful not to ignore an IRS notice of intent to levy because IRS means business and they will follow up with quick and decisive seizure action.
What is a Levy and other information.
A IRS levy is a legal seizure of your property to satisfy a tax debt.
IRS Levies are different from IRS liens.
A lien is a claim used as security for the tax debt, while a IRS tax levy actually takes the property to satisfy the tax debt.It is in effect a seizure of assets.
If you do not pay your taxes the IRS may seize and sell any type of real or personal property that you own or have an interest in.
For instance,
The IRS has the right to seize and sell property that you hold (such as your car, boat, or house), or they 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).
Before the IRS can Levy
IRS usually levy only after these three requirements are met:
1. They assessed the tax and sent you a Notice and Demand for Payment;
2. You neglected or refused to pay the tax; and (if the IRS called you and you said you could not pay the tax, the IRS has the right to levy )
3. They 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 we levy 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.
If you are going through a current economic hardship we can usually get IRS tax levies released within a week.
The definition of an economic hardship is that your current expenses exceed your current income and that is all based on the national expense standards. You can call us today for more detail on these formulas.
Keep in mind a levy release does not mean you are exempt from paying the balance.
The IRS will work with you to establish payment plans or take other steps to help you pay off the balance.
Note to Employers
Employers generally have at least one full pay period after receiving a Form 668-W, Notice of Levy on Wages, Salary and Other Income before they are required to send any funds from their employee’s wages. Encourage your employees that have a levy placed on their wages to contact the IRS as soon as possible to discuss a release of levy and resolution of their tax liability.
If you do not get the IRS agent to cooperate you can:
You may ask an IRS manager to review your case, or you may request a Collection Due Process hearing with the Office of Appeals by filing a request for a Collection Due Process hearing with the IRS office listed on your notice.
You must file your request within 30 days of the date on your notice.
Some of the issues you may discuss include:
1. You paid all you owed before we sent the levy notice,
2. The IRS assessed the tax and sent the levy notice when you were in bankruptcy, and subject to the automatic stay during bankruptcy,
3. The made a procedural error in an assessment,
4. The time to collect the tax (called the statute of limitations) expired before we sent the levy notice,
5. You did not have an opportunity to dispute the assessed liability,
6. You wish to discuss the collection options, or
7. You wish to make a spousal defense.
It is important to note the Internal Revenue Service will want any unfiled tax returns filed. IRS generally will not close your case off the enforcement computer unless you are current and up-to-date with all income and business tax return filings.
We can prepare all back tax returns, stop the IRS levy and settle your case all at the same time.
Remember, respond to all IRS notices on a timely basis.
