IRS Levies: The Essential Facts
If you have recently become subject to an IRS levy, and are seeking tax relief, you need to know a few basic facts before proceeding. For starters, learn what the difference is between a levy and a lien. Typically, taxpayers get these terms mixed up, to their detriment. A lien merely involves the IRS placing a formal decree of ownership on some of your property, which they normally collect when you sell the property to a third party. Getting tax relief is your main goal at this point. In a lien situation, the government does not seize your property.
With a levy, government agents actually own your property, and can take it by any means necessary. Whether that property is a car, a bank account, or a farm, the agency can and will seize it to pay your tax debt. Typically, in cases of repossession, the IRS hires outside agencies to take the property. In the cases of bank and stock accounts, the IRS does the dirty work itself. Either way, learning the essential differences between liens and levies is important.
In order to get quality tax relief, keep all of the documents that the IRS has mailed to you. Your tax pro will want to see what has been sent, what has been paid and whether there is a lien or levy against you. When taxpayers ignore IRS notices, they place themselves in danger of having a levy filed against them.
Anyone who is subject to a levy needs immediate tax relief. Remember that the government can seize any or all of your assets in the way they deem appropriate. The levy gives them actual ownership of your property, whether you object or not. That might seem harsh, but it is how the law is written.
In your quest for tax relief at the first hint of an IRS levy, you should immediately hire professional help. A tax pro can show you how to delay, or perhaps totally avoid, the IRS levy. Keep in mind that you can apply for hardship status, which will usually delay, and in some cases void, the levy. The government is also willing to accept an offer in compromise in many cases. With such an offer, you actually pay only a fraction of the original debt. Nor are installment payments unheard of in such cases. These arrangements are more like a typical time payment, where you send the IRS a specified amount of money each month until the debt is paid.
Seeking tax relief from the IRS? Contact Guardian Tax Resolutions. The Guardian will help you resolve your tax issues and get you the piece of mind that you deserve.
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