As Former IRS Agents and managers, we are your best course of action to immediately Stop a IRS Tax Levy. Get A Release Today!
We are the affordable professional firm that knows the system inside and out. We can get your levy on your income or wages released, get your money back and close your case at the same time.
Being former IRS agents and managers we are tax specialty experts in the area of income tax levies. As former teaching instructors we know this system inside and out.
We have release thousands of IRS federal tax levies both bank account levies, wage garnishment levies and third-party levies.
If you have been levied by the Internal Revenue Service you are not alone.
Last year over 1.8 million taxpayers received a Federal IRS bank levy or wage garnishment levy. Not only does IRS file 1.8 million tax levies also file over 600,000 federal tax liens.
What Is a IRS Tax Levy?
Simply put, a IRS Tax levy is a legal seizure of your property or wages to satisfy a tax debt.
If you do not pay your taxes (or make arrangements to settle your tax debt) the IRS may seize and sell any type of real or personal property that you own or have interest in including:
• The IRS can or may seize and sell your property that you hold (such as car, boat or house) or any asset of value.
• The IRS could levy property that is yours but is held by a third party (such as wages, retirement accounts, bank accounts, dividends, licenses, rental income, accounts receivable, the cash loan value of your life insurance or commissions).
• The purpose of an IRS Levy is usually to get your attention after other notices or contacts have been ignored.
• Typically, the IRS will levy either your wages, or other income, and your bank accounts.
Although they can levy any type of property your own or have interest in.
IRS Pre Levy Tax Requirements
3 Requirements must be met before the IRS will levy on wages or bank accounts:
• The IRS assessed the tax and sent you a Notice and Demand for Payment
• You neglected or refused to pay the tax and
• You were sent a Final Notice of Intent to Levy and Notice of Your Right to A Hearing at least 30 days before the levy.
Delivery Method of Notices
They may give you this notice in person, leave it at your home or usual place of business or send it to the last known address they have on filed for you by certified mail, return receipt requested.
The two most Common Tax Levy: Bank Levy, Wage Garnishment
IRS Wage Levy
An IRS wage garnishment is served on a form 668W.
It s a continuous garnishment that takes place the day your employer receives the levy. Each and every paycheck you will find a great majority of your check will go to the Internal Revenue Service.
Certain exemptions apply that will be received by the employer for the taxpayer to fill out. Approximately 80% of your check will go to the Internal Revenue Service.
You can stop your IRS wage garnishment levy immediately by contacting the Internal Revenue Service or calling our firm.
IRS Bank Seizure Levy
A IRS bank seizure levy is a little different than the IRS wage garnishment levy.
A bank account levy simply means your money is frozen for the next 21 days or until you get the levy released.
The IRS gives the taxpayer 21 days to call the IRS and work out some sort of agreement. You may continue to use the bank account. Only the funds that were in the bank account the day the levy was received are frozen for the 21 days.
For any levy that is received whether it be a bank or wage garnishment levy you must be prepared to give the IRS occurred financial statement along with all documentation to support the statement and make sure all tax returns are filed in current.
IRS Levy Notices by Mail
The IRS will usually levy after sending out a series of notices starting with a “Notice and Demand for Payment” and ending with a “Final Notice of Intent to Levy”
CP 501 – This is a Reminder Notice that you have a balance due on their account and the IRS can file a lien if he balance is not paid within 10 days
CP 503 – This is the 2nd Notice to let the recipient know immediate action is required.
CP 504 – Final Notice indicating that a levy will be placed on certain assets if the balance due is not paid.
CP 297/90 – Final Notice of Intent to Levy and Notice of Your Right to a Hearing: This is to inform the recipient that a balance is due and the IRS intends to levy on certain assets if appropriate action is not taken within 30 days.
CP 91 – Final Notice before Levy on Social Security Benefits: This notice informs the recipient that there is a balance due and the IRS intends to levy on Social Security Benefits.
CP 523 – Notice of Intent to Levy: This notice states that you have defaulted on your Installment Agreement and the IRS intends to levy certain assets.
Please keep in mind that the Internal Revenue Service has the right to accelerate their normal levy process. As a general rule levies or send out on five week billing cycles.
How To Obtain IRS Tax Levy Release to STOP Tax Levy