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How to Save Your Property from an IRS Levy

How to Save Your Property from an IRS Levy

By on Oct 22, 2014 in IRS Cases | 0 comments

How to Save Your Property from an IRS LevyA tax levy is one of the most serious situations that you can find yourself in with the IRS. A tax levy is the seizure of your property in order to satisfy a tax debt to the IRS. If you find yourself in a situation in which you owe the IRS a significant amount of money and have not responded to their repeated efforts to collect it, you are subject to a levy on your income, bank accounts, assets, and your property. As you can imagine, the IRS seizing your income and property can cause serious problems for you and your family and for your entire financial situation. 

So, if you have received notice from the IRS that you owe a large sum of money and they are giving you notice that they may levy your property, there are things that you can do to protect your assets. 

Act Fast 

If at all possible, you should make every effort to take care of the debt as soon as possible. Most likely, the notice that you receive from the IRS will ask for a response (or payment) within 30 days. If there is any way to pay off this debt, you should try. Even if you can only pay a portion, the IRS is more likely to act favorably if the taxpayer is responsive and demonstrates understanding of the seriousness of the issue.

Explore Payment Options 

Think outside of the box when it comes to potential ways to pay the IRS. There are programs that the IRS offers that you may be eligible for (offer in compromise or installment agreements are granted fairly often). In addition, you can use a credit card to make a payment, and often the interest rates are lower than the interest and penalties accrued from a tax debt.

Audit Reconsideration

If you have failed to respond to numerous notices previously sent by the IRS, then it is possible that the IRS has calculated the amount you owe incorrectly. You may be able to ask the IRS to reconsider the assessment amount and get the amount you owe reduced.

Get Help 

A potential tax levy is serious and you want to respond in a way that gives you the best chance of resolving this issue (and debt) with the IRS. In many cases, the best move a taxpayer in this situation can make is to hire a tax professional for advice and guidance. You should make sure that the professional/firm has experience working directly with the IRS, with current tax law and with successfully resolving tax levies. You really only have one chance to get this right, so it is important to proceed carefully.

Success Tax Relief Will Help Protect You from a Tax Levy 

With more than 30 years of experience with complicated tax issues, Success Tax Relief is ready to help you deal with a potential tax levy. We understand how serious this can be and can help review your returns and documentation and help determine the best possible way to proceed. You need support during this stressful time as well as strong representation. Do not delay…give Success Tax Relief a call today at 877-825-1179 so we can get started and you can finally be free of this burden.

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