IRS Tax Levy: Handling Your Tax Liability in 2019
Taxes are not the easiest process to handle and as humans we sometimes make mistakes. It is highly important to pay attention to the various pros and cons of ways to handle your tax liability in 2019. Do your due diligence when it comes to working on your taxes since you do not want to be caught in a tangled IRS tax levy web.
If you are having trouble with your tax liability consider looking for tax preparation tips in order to fully prepare for any mishaps that may occur. Taxes can be tricky sometimes, considering all the paperwork you need to fill out and the precise money handling needed. Do not fall into an IRS tax levy without looking at the ways you can prevent it and how to go forward after a levy has been issued.
What Is An IRS Tax Levy?
Let’s start off by discussing what an IRS tax levy is, a levy takes property from the taxpayer to satisfy the debt. Before a levy is prompted the taxpayer will receive a lien, a formal declaration stating the money the individual owes to the debtor and what property they will be seizing from the candidate. If you have received a lien already, it is time to put your best foot forward and take the preventative steps to save your property.
You Have Options
If you know you were late to file your taxes and have not paid on time- do not avoid the IRS. There are several ways to handle your tax liability without going to prison. Just remember to be as transparent as you can be with the IRS in order for them to work with you in resolving your debt. Some ways of resolving tax liability issues include:
Enter Into an Installment Agreement
The IRS will ask you for proper financial information and other documentation in order to be considered for a payment plan. Be sure to have all papers in order and start thinking of the amount you are willing to pay in order to resolve your debt.
Request an Offer in Compromise
This may be on the expensive side of taking care of your debt due to the non refundable fee. But OIC’s allow you to settle your debt for at least half of what you owe, of course proper documentation stating how much you are able to pay in necessary to be considered.
Ask For a Collections Due Process Hearing
This type of request may seem like everything is happening all at once because the IRS will need an immediate solution from you to take care of your debt. If proper paperwork is not done or if you do not know how the situation can be resolved, the IRS will not be taking pity on you. If a levy has been put on your property, this form must be filled out within 30 days of the levy notification letter.
Success Tax Relief Has the Resources to Help
If you are in a tight situation with the IRS and do not know where to start your reconciliation, reach to our team at Success Tax Relief. Our qualified personnel is happy to answer and questions or concerns you may have about your tax liability or anything else tax related. Contact us online for the support you need and the expert advice we have to offer.