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IRS Levy Must-knows
By Darrin Mish
An IRS levy is a serious consequence to many common IRS issues like late settlement of taxes. To be able to satisfy a taxpayer's unpaid penalty or debt, the IRS may empty bank accounts, seize property, or garnish wages with a levy. Your house, your car, retirement accounts, and even rental income may all be levied by the IRS. Upon receipt of a Levy Notice, you need to act quickly to stop these financially crippling and drastic methods. Before a Levy Notice is served, a Demand for Payment will be received. Consult a tax attorney to get help in stopping a levy and show with documentation why you were not able to pay the taxes and penalties that were asked from you. Ignoring an IRS Levy Notice is the error numerous people make. You have to ask a tax lawyer who can counsel you and help you request a Collection Due Process hearing at the IRS Office of Appeals in your area. In the hearing, you can give proof that the IRS made an error if you were levied because of an IRS mistake and you have already settled your taxes. The IRS is stopped from continuing a levy by many cases. Making the IRS Office of Appeals aware of these cases is your responsibility. If you've filed for bankruptcy, the IRS cannot subject you to a levy. You also should not be levied if you have paid the outstanding amount prior to or quickly following you got the Levy Notice. The statute of limitations is one loophole to avoid a levy that most people don't know about. The statute of limitations stops the IRS from collecting taxes that were assessed more than 10 years ago. You are exempt from paying penalties and taxes and the levy if the collection period of the tax expired before your IRS Levy Notice was mailed. Working out an installment plan to settle outstanding taxes can also be done in the Collection Due Process hearing. If you do indeed owe the IRS money but are not able to pay the entire amount, you will have to work out a payment option with the Office of Appeals. While not the ideal choice, the installment option will be less of a financial problem than getting your wages garnished or your bank account levied. Until the IRS can no longer collect taxes because of the statute of limitations, your debt is paid off, or it's officially released, an IRS levy will continue. If your bank account was erroneously levied as an outcome of an IRS error, the IRS will reimburse your bank charges. You should file for refund within thirty days or you will not qualify. If you're having IRS tax problems and are in danger of being levied, please take action immediately to safeguard your assets. Many IRS problems are ignored by uninformed or scared taxpayers. A levy is the most serious of IRS actions, and ignoring a Levy Notice will only lead to more issues. Seek help immediately proactively if you're having hardships in paying your taxes.
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