IRS NOTICE OF LEVY
IRS NOTICE OF LEVY
What is an IRS Notice of Levy?
An IRS Notice of Levy is a letter sent to taxpayers who have not paid their back taxes and have an IRS lien placed against them. The IRS is notifying the delinquent taxpayer that they will begin collecting the debt using levy actions such as wage garnishment, property seizure, and bank account seizure. A notice of levy causes many problems for taxpayers. It means that the taxpayers accounts and assets may be frozen by the tax lien, which may prevent the possibilities of selling them or changing ownership of the items. The taxpayer only has 30 days in which to take care of the tax debt before the levy actions are taken. Failing to pay back the full amount of the debt after receiving an IRS notice of levy will mean that levy actions will start unless the necessary steps have been taken.
How Can Community Tax Dallas Help Me?
Community Tax Dallas resolution professionals are capable in some circumstances of preventing a levy from taking place after a taxpayer has received an IRS notice of levy. In some cases, there is not enough time or circumstances prevent this type of action from taking place. In other cases, Community Tax Dallas enrolled agents, tax attorneys and CPA’s can work with a client and the IRS agent to enter into a resolution plan that prevents the levy.
Because of how financially devastating an IRS Notice of Levy can be to a taxpayer, immediate action is required to ensure that enough time is available to take the necessary steps to have the levy halted if possible. Contacting Community Tax Dallas’ resolution team as soon as possible after receiving the notice could be the difference between having your wages garnished, or getting into a resolution. In some cases, it may already be too late.
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