The IRS & Tax Levies
Of all the precarious situations a person or company can get into with the IRS, a levy is one of the worst. A levy does not just randomly happen; it is a penalty that the IRS utilizes when a taxpayer fails to pay taxes. Typically, when a taxpayer owes taxes and does not pay them, the IRS will file a lien on their property (home or other personal property). The lien places a claim on the property. At this juncture, taxpayers often become more motivated to pay their tax debt and even go to extremes, like borrowing the money or selling off assets, in order to do so.
The Lien & Levy Process
After a lien is filed, if the debt is not paid, the IRS may enforce their claim on the property and seize it, or take ownership of it- a levy. They may levy your bank account, your wages, or your home. At this point, the IRS is acting as a debt collector and they will do everything within their legal rights to collect on the debt that is owed the government.
Contacting a CPA for Help
Before a levy is executed, meaning property seized, the IRS must send a notice of their intent to levy. If you have received one of these letters, getting in touch with a Certified Public Accountant right away is advised. CPA Accounting and Tax Services knows the ins and outs of tax law and they know how to navigate these precarious situations. We can handle communications with the IRS for you and guide you in completing forms and providing statements.
Call Our Orlando Office at (407) 382-6658 to Schedule Your Initial Consultation
Negotiating with the IRS
In most cases, simply communicating with the IRS and showing them that you are willing to correct the issue, will buy you some time. CPA Accounting and Tax Services is adept at negotiating with the IRS and can chart a course that will ease the anxiety of this situation for the taxpayer, while satisfying the IRS.
Avoid Getting a Levy
If you have not received a notice of intent to levy, but fear this is the direction you are heading in, call us immediately! Addressing the problem now will mean a world of difference.
Don’t be Mislead – There is Hope
You have worked hard to earn money and assets. Don’t be one of the many who falsely believe they will lose their home or other property and there is nothing they can do about it. We have helped many in your situation and we want to help you, too.
More Helpful Articles on Our Tax Resolution Services:
- Back Taxes Owed
- Income Tax Amendments
- Innocent Spouse Relief
- IRS Audit Representation
- IRS Levies
- IRS Liens
- IRS Payment Plan
- IRS Seizures
- IRS Wage Garnishment
- Offer in Compromise
- Non-Filed Tax Returns
- Payroll Tax Problems
- Prior Year Returns
- Voluntary Disclosure