Tax Levy
Our Mission is to help save you thousands of dollars with the aid of our tax experts, programs, and resources.
Tax Levy
A lien and levy are different in that a lien is used to hold property to secure tax debt and a levy is used to sell all assets to secure tax debt. In summary, a lien hold the IRS’s interest in you property to secure tax debt and a levy allows the government to sell all your assets to secure the debt.
The IRS can take your home, automobiles, and personal property. The also can garnish your wages and take your tax refunds. If a tax payer refuses to pay their taxes while a lien is placed, the IRS will send a final notices stating their intent to levy your assets. They will also include your right to a hearing to contest the notice. This is usually sent 1 month prior to the levy. It may be delivered in person, sent to your business, current home, or last known address.
Avoiding a levy
If you can can pay your balance in full once the notice is received, that will be the quickest way to avoid a levy. This is not always plausible for most tax payers in debt. An alternative route is to request an Installment Agreement by paying monthly payments. Submitting an Offer in Compromise (OIC) to settle for a lower amount than what is owed. You prove a Finical Hardship claiming that such an action will hinder your ability to make ends meet, however you will need to provide documentation. You can also File an IRS Appeal which is a claim that you believe the IRS has made a mistake in the determination of the debt owed.
A tax levy can be stressful, however our team is experienced in dealing with such a matter. Speak with our tax experts today so we can take swift action.
ready for tax relief?
Click to speak with one of our tax experts. Answer some basic questions and one of our team members will reach out to you!
