Imagine waking up and finding everything gone.
You go to your driveway and your car’s missing. When you go to an ATM to get cash for a taxi, your bank balance is zero and when you get to work, your boss tells you that the commissions that he owes you have already been taken. Then, your phone starts ringing with calls from people that have bounced checks from you. Eventually, your phone stops ringing, since your check to your telephone company bounced, too. This is what it’s like to be the victim of an IRS tax levy.
After the initial steps of its collection activities, the IRS should warn you that it is considering a levy of your assets. 30 days later, it can take everything you own, even if someone else is holding it for you. It doesn’t care if you don’t pay your health insurance, your car payment, or if you can’t buy food.
Next, the IRS can levy your wages. Instead of taking your bank account, they take your wages from your employer before you get them to deposit, and what they leave you with won’t cover even a small portion of your bills. If that isn’t enough for them, they’ll enter your house or office and start taking, and selling, your possessions.
IRS levies are serious business and they cause serious pain. However, an IRS levy doesn’t have to cause this much pain. It give you warning before the levy get issued, giving you a chance to work out a payment plan or other solution. Once the levy is in place, it can be reversed if you can prove that it’s causing an undue economic hardship.
Whether a levy is in place or you’ve gotten the IRS’s “Final Notice of Intent to Levy,” get professional help. The IRS usually won’t levy you if it can get its money some other way. We can contact the IRS for you, figure out what they’re looking for and report back to you. Together, we can work out a plan that either saves you from being levied or gets your levy reversed so that you can get back to your life before the IRS does irreparable harm.
The first step to getting your life back is to fill out the form below for a consultation with one of our tax experts.
Fill out the form below to e-mail us.