Did you receive an IRS Wage Garnishment? ( 668W ) You can get an immediate Wage Levy Release.
What I tell you is tax gospel. I am a former IRS Agent and Instructor of 10 years.
IRS Tax Garnishments can be damaging between an employer and employee. It is imperative these IRS Wage Garnishments are addressed immediately.
Some things to know.
A Wage Levy Garnishment from the IRS is a continual wage garnishment. It does not stop. You will have to contact the IRS and work out a settlement before it is released. This also can have a damaging effect from your employer from a creditability stand point. Make sure your employer knows you are working on this issue so it does not create a work problem. Let them know the name of the firm and the person working your case so they are aware that you are taking responsibility and want to resolve the issue.
An employer may not fire you because of this action.
How to get the Wage Levy/Garnishment Released.
1. The IRS will make sure all your tax returns are filed and current. If your tax returns are not up to date, they will refuse to work your case. This is leverage they use to get you compliant. You or your tax firm can pull tax transcripts, file and prepare your tax returns within days even if you have lost your tax records.
2. The IRS requires a current financial statement. We will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement.
The IRS will require a closing settlement method for each case.
3. Once all your tax returns have been prepared and a professional has reviewed your IRS financial statement, call the 1-800 on your IRS Wage Garnishment. Be prepared to fax all the information and all verification to the IRS Agent that is working your case. They will now have to close the case on their computer system.
4. Have the fax number of your employers payroll department so the IRS can fax the release of levy directly to them at that time.
The IRS will need to close your case off of their computer system by one of the following closing methods:
a. Hardship Settlements. 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 meet your current expenses. The IRS will use the National Standards Program to assess hardship.
b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS.
c. Offer in Compromise. There are three types of OICs:
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. The collection period runs for 10 years.
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.Could be from a medical or age issue.
It is in your best interest to hire a professional tax firm to resolve your issue and get you the very best settlement possible. Always hire professional tax firms that have former IRS Agents seasoned in this area for your best result.
