Did you received from the IRS a Notice of IRS Intent to Levy? You can stop the IRS right in their tracks!
The IRS sends out CP 90 or CP 297 , Notice of Intent to Levy simply because your case is open in their inventory and it needs to be closed. Many times this letter is sent certified to the last known address. The IRS has sent all prior notices to the same address.
You must take immediate action because just after a 30 day period of time, the IRS will start their enforcement proceeding on you. They will send out a Levy to your employer, also known as a wage garnishment or 668W and also send a notice of levy on your bank account, 668A.
The levy/garnishment sent to your employer is much more damaging because it is a continuous levy and now your employer knows of your IRS tax problem. The IRS means business and will not stop until the case is off the computer’s accounts receivable system otherwise known as ACS.
How you can stop them in their tracks.
- First, you should contact a professional tax firm to ensure you will get the very best result and settlement objectives.
- Make sure all your tax returns are current and up to date.
- If all tax returns are not filed and up to date, the IRS will continue enforcement procedures on you to ensure you are fully compliant with all filing requirements.
- After all of your returns are filed be prepared to give the IRS a fully documented current financial statement, a 433-F.
- After reviewing the 433-F, the IRS will make a determination on how to close your case. I cannot overemphasize the need to hire a professional tax firm for this negotiation for the best possible result.
- Be familiar with the IRS National Standard Program to understand which expenses the IRS will allow in your individual case.
The IRS can give you an extended period of time if you do not have all documents within the 30 days.
Make absolutely sure you contact them within the prescribed period of time. Be prepared with a settlement plan in mind. If you do not get the relief you are looking for do not quit. You can file a CDP or a CAP with the IRS. Your other option is to file a Taxpayer Assistance Order.
Call a professional tax firm to help you through this problem if you feel you need the help.
