IRS Levy – Back Tax Returns – IRS Tax Settlements – Tax Lawyers, Attorneys 866-700-1040
If you have been levied by the Internal Revenue Service call us today and we can start process of getting your money back TODAY.
IRS will require that you file all your back tax returns.
This process is a very simple one.
The IRS is required to send at least three notices to all taxpayers letting them know that money is owed to the Internal Revenue Service. If these bills or notices are not responded to, the IRS enforcement computer kicks in. This is the CADE 2 computer.
After the final notice is sent, the IRS then systemically sends out a tax levy to either a bank account and/or a wage garnishment to your employer.
IRS Bank Levies
Notes of interest.
On IRS bank levies. The bank must freeze the account for 21 days before any money is turned over to Internal Revenue Service. A taxpayer who has received an IRS bank levy thus has 21 days to call the IRS and get the bank levy released.
IRS wage garnishment levy’s
A IRS wage garnishment levy is much different than IRS bank levy. Upon the employer receiving the IRS garnishment, the employer must act on the wage garnishment immediately. There is no hold period.
There are special rules and conditions that exist on these wage garnishment levy’s and you should visit our website for more details on this.
Releases for IRS levies
To get these IRS bank or wage garnishment levies released, the IRS will require a current financial statement usually a form 433-F.
IRS will want that form completely documented along with the last three months bank statements and a copy of your last pay stub.
After IRS reviews your current financial statement the IRS will usually place your account in one of three categories.
IRS will either:
1. Place your account in an economic tax hardship,
2. ask for a payment or installment agreement,
3. or you will qualify for a offer in compromise or a tax settlement
Back Tax Returns
If you have not filed back tax returns for multiple years that is not a problem.
We can reconstruct your tax returns and prepare accurate returns to satisfy the Internal Revenue Service. We simply call and ask IRS for a current income transcript and review your bank statements and we can prepare any back tax returns that you have. We are experts in income tax reconstruction.
IRS tax settlements, the new Fresh Start Program
An offer in compromise/IRS Tax Settlement allows you to settle your tax debt for less than the full amount you owe.
It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
IRS will consider your unique set of facts and circumstances. IRS will consider your:
1. Ability to pay;
2. Income;
3. Expenses and
4.Asset with equity.
IRS approves an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
The Offer in Compromise program or Tax Debt Settlement Program is not for everyone.
If you hire a tax professional to help you file an offer, be sure to check his or her qualifications. Also check the BBB rating of the tax firm.
You should make sure you are eligible
Before the Internal Revenue Service can consider your offer, you must be current with all filing and payment requirements.
If you are in a bankruptcy
You are not eligible if you are in an open bankruptcy proceeding.
Pre-qualifier tool
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal. You can find that on our website.
Submit your offer
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer package will include:
a. Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
b. Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
c. $150 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Selecting a payment option
Your initial payment will vary based on your offer and the payment option you choose:
Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
Periodic Payment:
Submit your initial payment with your application.
You should continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
Call us today for a free initial tax consultation and see how easy it is to settle your IRS tax case.
IRS Levy – Back Tax Returns – IRS Tax Settlement – Tax Lawyers, Attorneys
