What Is A Tax Levy?

tax relief attorney

Tax Debt Leads To Tax Levy

A tax debt is one of the most difficult debts to remove, sometimes surviving bankruptcy. The IRS has powers well beyond a regular creditor. Among the best examples of their power is a tax levy: the IRS takes hold of your property to fulfill your tax debts.

About the Tax Levy

A tax levy is a collection tool for the IRS. It authorizes the IRS to seize properties as a tax debt payment, including withdrawing cash from your bank accounts, garnishing your income, and/or taking possession of your personal property such as a home, vehicle or business.

How to Release a Tax Levy and Get Tax Relief?

Your first option for removing a tax levy is to pay the tax debt in full. By paying the tax amount in full, the IRS will instantly stop collection actions and the levy will be removed. However, most of the time if people had the money to pay the taxes they would have paid them from the get go. Here are some other tax relief options:

  • Proving Financial Hardship – if you can prove to the IRS that the levy causes economic hardship and greatly impacts your ability to live, the levy will probably be removed, but the underlying tax obligation will remain, and the IRS may use other tactics to collect your tax debt.
  • Proving your properties have no equity – you can try to prove to the IRS that there would be no point for them to levy your assets as they will get nothing from it.
  • Offer in Compromise – you can try to make the IRS an offer of less than the amount owed and convince them why they should take that amount.
  • Payment Plan – you can try to show financial hardship and set up a payment plan with the IRS, but the amount of the payment plan will depend on how good of a job showing financial hardship.

Get Help with Tax Relief from a Tax Attorney

A tax levy can throw your financial lifestyle into shock. If you really want to get rid of the tax levy permanently, you will want help from a trained professional. IRS Procedures are not an easy thing to understand and navigate. Experience is a great asset when dealing with the IRS.

When you decide to hire a tax relief expert to help resolve your tax liability, do your research and hire a TAX ATTORNEY LIKE US rather than a tax relief company. Tax debt is a legal matter and could have consequences beyond owing money. Depending on your unique tax and financial situation, we can find the options available to you and file the necessary applications and supporting documentation with the IRS on your behalf. Once we tell the IRS we represent you they will stop calling you. We deal and negotiate with the IRS directly on your behalf.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *