Fresh Start Tax LLC <>< A Affordable Professional Christian Tax firm specializing in IRS Representation <>< "A" Rated by the BBB
Our Christian Tax firm has over 140 years of tax experience and have worked for the IRS for over 60 years.
We are one of the finest professional tax firms when it comes to IRS Representation. Call us for a free professional consultation.
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There are different ways to get your IRS tax levy released.
IRS must release your levy if any of the following occur:
1. You pay the tax, penalty, and interest you owe.
2 . We discover that the time for collection (the statute of limitations) ended before the levy was served.
3. You provide documentation proving that releasing the levy will help us collect the tax.
4. You have an installment agreement, or enter into one, unless the agreement says the levy does not have to be released.
5. We determine that the levy is creating a significant economic hardship for you.
6 . The fair market value of the property exceeds such liability and release of the levy on a part of such property could be made without hindering the collection of such liability.
IRS will not release a levy unless all tax returns are current and you have given them a 433F. Once the 433F ( financial statement ) is reviewed by the IRS, they can proceed to close your case.
Your case will be closed by one of the following methods:
a. Hardship Closure cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because
you do not have the income coming in to met your current expenses. IRS will use the National Standards Program to assess hardship.
b Payment Agreements are agreed upon monthly installment payments to the IRS.
c. Offer in Compromise. Three Types of OICs:
The IRS may accept an offer in compromise based on three grounds:
1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct.
3. Effective Tax Administration – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists.
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