What is the IRS Tax Levy? Three Things You Should Know About Federal Taxes
Do you need federal tax relief? You will probably not be surprised to hear that tax law is incredibly complex and complicated. It is not even surprising to many people that professional tax preparers sometimes make mistakes on their returns. The consequences of making mistakes in your tax payments, however, can be quite serious, so it is important that people understand how they can resolve federal tax problems. Here is our three point list of what you need to know about tax problems.
1. What is an IRS Tax Levy?
Many people are worried about the effects of the tax levy, and with good reason. The tax levy is a seizure of property for the purpose of satisfying tax liability. The IRS does not have to go to court for this to happen, and only needs to give you a 30 day notice prior to collection.
2. Can I fight a Federal Tax Levy?
Yes. We recommend you hire a lawyer or tax expert to help you though, since making a mistake during this process could lead to an inability to collect on your property. Every citizen is entitled to one hearing with the IRS per tax period for dealing with levies, and during this period the tax payer can present alternative collection actions, offer a compromise, seek innocent spouse relief, or raise challenges.
3. What about the IRS tax levy on wages?
When the IRS takes a portion of your paycheck each week directly from your employer, this is known as wage garnishment. In theory, wage garnishment is supposed to leave enough money for debtors to live on, but as many people find out, the amount is sometimes not enough to provide for their circumstances. Again, you do have the option of appealing and citing the reasons you need to restructure your payments or offer alternatives, such as paying out over a longer span of time.
Were you one of the people wondering what is an IRS tax levy and find that you have more questions we have not answered? Let us know in the comments! Find out more about this topic here: federaltaxproblem.org Learn more at this link.