The IRS sends out about 3.8 million tax levies a year to banks and employers. That is a staggering amount. Levies are sent as a last resort because taxpayers did not answer earlier correspondence. The IRS is really not looking to levy, they are really interested in getting your case closed and off of their receivables. They want full compliance from every taxpayer.
You cannot just pick up the telephone, call the IRS and get your tax levy released. While much is said about getting tax levies released, these tips are the fastest way to make it happen.
Tips to get a tax levy released immediately:
1. Pay the tax in full and all Federal Tax Levies or Liens will be released immediately.
2. Your tax returns must ALL be filed and current. If your tax returns are not up to date, the IRS will not release any tax levy at all. It is imperative you get your back returns prepared immediately. If you do not have your tax records to prepare your returns you can ask the IRS for your income tax records and this can be a good place to start for beginning tax preparation.
3. You will need to fill out a 433-F for the IRS. The 433-F is an individual financial statement. Full documentation to back up the 433-F is required to make sure you are telling the truth. The IRS will release the levy after they determine the best way to close your open tax case.
4. It is recommended that taxpayers hire professional tax firms because of the strict national standards tests that are applied on all cases for settlement. After the IRS receives your 433-F, they apply the National Standards Test to determine how your case will be closed. If a tax professional reviews your 433-F before making the call to IRS, they could save you from reporting any incorrect information that could be used against you. Having been an IRS Agent, it can be said that most taxpayers do not have any idea how or why the IRS applies these national standards. The way your case is closed is completely dependent on this financial statement.
5. If you do not like the way the IRS is handling your case, you have two options:
A. Taxpayer Advocates Offices
B. Filing a Collections Appeal
Be prepared for the telephone call to the IRS, know all your rights and understand how important your 433-F ( financial statement ) is in this process.
