IRS Levy, Get your money BACK NOW
If you’ve just found out the IRS has sent a levy to your bank or to your employer contact us today to get immediate and permanent tax relief from an IRS levy.
We are comprised of tax attorneys, certified public accountants, enrolled agents, and former IRS agents, managers, and tax instructors.
We have worked in the South Florida IRS offices for over 60 years.
As a result of our years of experience, we know all the protocols, all the codes, and all the tax settlement strategies to get your IRS levy of immediate released in your case settled.
Contact us today for a free initial tax consultation and we can make this a fast, simple, and affordable process for you to get your money back now.
What will be required to get an IRS levy lifted
To get an IRS levy lifted you will need to provide the Internal Revenue Service with the current financial statement.
That financial statement will be on form 433-F which you can find on our website.
You will need to completely document your 433-F to prove all income and all expenses. IRS also require the last 3 to 6 months worth of bank statements in your last pay stub.
IRS will then compare your income and expenses against the national, regional, and local standards to determine how IRS will go ahead and close the case.
As a general rule once the IRS receives a financial statement and you agree to a settlement strategy, the IRS will immediately release the levy on your wages or your bank account.
Can your Employer Threatens to Fire you Because of a IRS Levy
Sometimes an employer threatens to fire an employee to avoid handling a levy. Make sure this does not to you.
This might be a violation of 15 USC 1674.
If the employer fires the taxpayer because of this, the employer might be fined not more than $1000 or imprisoned for not more than one year, or both.
You should refer the taxpayer to the Wage and Hour Division of the Department of Labor (DOL). DOL, not IRS, must decide if the employer violated the law.
Continuous Effect of Levy on Salary and Wages Form 668-W
Unlike other IRS levies, a levy on a taxpayer’s wages and salary has a continuous effect. It never stops until the IRS issues a wage levy release.
It attaches to future payments, until the Wage levy is released.
Wages and salary include fees, bonuses, commissions, and similar items. All other levies only attach to property and rights to property that exist when the levy is served.
Example:
The 668-A : If a bank account is levied, it only reaches money in the account when the levy is served. It does not reach money deposited later.
When other income is levied, the levy reaches payment the taxpayer has a fixed and determinable right to. If the taxpayer’s right to that payment is not dependent upon the performance of future services, then the levy will reach the future payments as well.
Retirement, Royalty Income.
A Form 668-A is issued to levy an author’s royalties. The author has a fixed and determinable right to royalties for books that have already been published. The levy reaches royalties for sales of those books in the future.
The levy does not reach royalties for books that are written and published later. A new levy must be served to take those royalties.
A Form 668-W is issued to levy a taxpayer’s retirement income.
The taxpayer has a fixed right to the future payments; therefore, the levy remains in effect until it is released.
Exempt Amount from a IRS Tax Levy
Part of the individual taxpayer’s wages, salary, (including fees, bonuses, commissions and similar items) and other income, as well as retirement and benefit income, is exempt from levy.
The weekly exempt amount is:
The total of the taxpayer’s standard deduction and the amount deductible for exemptions on an income tax return for the year the levy is served.
Then, this total is divided by 52.
Income that is not paid weekly is prorated, so the same amount is exempt.
In addition, the amount the taxpayer needs to pay court ordered child support is exempt.
The support order can originate from a court or administrative process under the laws and procedures of a state, territory or possession.
Remember your IRS levy can be released as soon as IRS has a complete and accurate and documented financial statement.
Also you want to make sure that all your tax returns are filed and up-to-date.
Many times IRS can refuse issuing a levy release because taxpayers fail to bring all their tax returns current.
If you have unfiled tax returns contact us today and we can get your tax returns filed get your levy released at the same time
IRS Levy, Get your money BACK NOW – Ft.Lauderdale, Miami – Affordable Former IRS
