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IRS Levy Tips & Guide
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by: AnneDurrell
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Word Count: 400
IRS Levy is not the same as the federal tax lien, which is the IRS's permission to seize the property. IRS Levy is the act of seizure or property, assets or income.
The federal government is empowered to enforce the IRS Levy if you have been too slow in trying to work with the IRS to reach an agreement. This means they can begin to garnish your wages without your consent in an attempt to recoup the money you owe them.
IRS Levy usually comes into effect when a person does not take into account the office's requests for payment of taxes you owe. It can also be applied if you call the IRS and try to make payment arrangements on a large tax debt that is simply too small to pay the amount you owe.
If this occurs and they begin to garnish more money from your income than you expect, this could seriously leave you with not enough money to support yourself or your family. You could lose control of all your income, your assets or your property.
IRS Levy could also mean the seizure of income you receive from Social Security or disability payments or even refunded taxes.
Another reason the IRS Levy can come into effect is if you've already made a payment arrangement to try and repay your tax debt and then you miss those payments or don't stick to the payment plan you agreed to.
In addition to seizing the wages and other income, the IRS Levy may also seize bank accounts or the sale of your property.
Perhaps the easiest way to avoid an IRS Levy is to contact the ministry to which you owe money and work through a payment plan that you can hold comfortably while continuing to repay the debt. Once you have entered into this agreement, be sure to monitor your payments on time, every time.
If you're not confident to deal with the prospect of an IRS Levy on your own, then consider hiring a tax lawyer to act as an intermediary. You might find that a professional who has a deeper understanding of some of the more complicated tax issues might be able to direct you to things you might not have considered.
These issues could include forms of tax relief you could be entitled to or even legal help to negotiate for an offer of compromise with the IRS.
Article Source: StepsIT
About the Author
Anne Durrel comes from California. She has, combined, over 3 years of experience in IRS. You may want to check out her other guide on irs refund tips and online tax software guide.
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