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IRS Tax Levy Help—NYC, New York

Individual IRS Tax Levy Help In NYC – Understanding What A Tax Levy Means For You

If you find yourself in the situation where you owe back taxes, the IRS can file what is called a “levy” against you and your property. If this happens to you, you will want to seek additional IRS tax levy help in sorting through this process. Essentially, a levy is when the IRS legally seizes your property and assets to compensate for the debt you owe them. Once a levy is issued, you need to act quickly to possibly reverse this IRS action. However, even if you do respond in a fast manner, it is not always an option to change their course of action taken against you. Herein lies the importance of hiring an IRS tax resolution expert who will provide additional IRS tax levy help.

A tax levy and a tax lien are two very different legal actions taken by the IRS. A tax lien is a legal claim against your property to ensure that you will pay back the IRS. However, a levy takes or “seizes” the property itself to satisfy the debt collection. Two common types of levies are wage garnishment and a bank levy, but there are many types that the IRS can claim against you and your property. Need IRS tax levy help? Contact us today for a consultation!

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Bank Levy

A bank levy is essentially the freezing of the funds in your bank account at the time the levy is processed by the bank. A bank levy does not capture all the funds going into that account indefinitely. Once the funds are frozen the bank holds the money in escrow essentially for a period of 21 days before sending the funds to the IRS.

During this 21-day period, you have an opportunity to resolve your account in another manner and have the bank funds returned to your account for available use. Once money has been sent to the IRS, your chances of getting it back reduce significantly. This is why it’s important to contact a tax resolution expert to assist with your IRS tax levy help.

Wage Garnishment

Wage garnishments and how quickly they are processed depending on your employer and the frequency of your payment schedule. Typically, you will see these going into effect no later than two pay periods following receipt of notice by your employer. A wage garnishment can legally leave you taking home as little as $862 a month after the garnishment comes out.

If your employer receives a wage garnishment from the IRS, they should provide you with a form to fill out showing the exemptions you claim when filing your tax return to determine what amount of your wages is exempt from garnishment.

A wage garnishment is ongoing until the IRS issues a release to your employer. In order to obtain a release if you are not paying the tax you owe in full, you must set up a payment plan or establish a hardship with the IRS.

If you receive Social Security income, the IRS can garnish 15 percent if it is your only income and up to 85 percent if you have other income sources.

Seizure of Assets and Property

An IRS levy can also include the seizure of your assets, including your retirement accounts, state and federal income tax returns and stock accounts, and property, such as your home, car, or boat.

The IRS will never levy you without notice. There are, in fact, several letters that will be mailed to your address on record prior to a levy actually occurring. If you are reading these letters, the one prior to levies being issued clearly tells you that levies will be issued if you do not make other arrangements.

Once the IRS issues a levy, you can work with the organization to stop the levy. Here are some options to explore:

  • Request an extension on your back taxes
  • Make an agreement to pay your unpaid tax balance with an installment plan
  • Submit an Offer in Compromise to settle your debt for less than you owe
  • Establish a hardship with the IRS to show your inability to pay
  • File for bankruptcy

True Resolve is on your side.

When you are facing a tax levy form the IRS, it is imperative to have experts that represent your interests and assure you of your rights. True Resolve has a long history of working directly with the IRS on behalf of clients like you. Our New York-based team of IRS Enrolled Agents is your best asset for seeking IRS tax levy help and resolving your tax levy.

Call today to speak with one of our Licensed Tax Experts 716-634-6200