“Death, taxes and childbirth! There’s never any convenient time for any of them.” ― Margaret Mitchell, Gone with the Wind
Statistics have shown that The Internal Revenue Service (IRS) sends out over 1,900,000 bank levies and wage garnishments every year.
Why are IRS levies issued and how can a taxpayer get the levy/garnishment released?
IRS levies are issued when Taxpayers withhold tax or fail to remit the tax to the Federal Government; these taxes are also known as back taxes. These back taxes usually accumulate over an extended period and prompts a levy by the IRS. This administrative action does not require a court order and is often done to seize property or garnish wages to satisfy back taxes. Wage garnishment is one of the methods used by the IRS; it involves taking a large chunk of your paycheck to satisfy the back tax directly from the employer of the defaulting taxpayer.
The process of garnishment is executed in a few steps which usually include a series of letters to remind the taxpayer of the back taxes. The first step involves a notice of a due balance (CP 14). The next step is a bill, (CP 501) reminding the taxpayer of his/her tax problems and where there is no response, another notice is sent out requesting immediate action (CP 503). An urgent notice (CP 504) follows this, warning and giving notice that a levy has been issued on a property and requiring the taxpayer to respond by contacting the IRS for full payment. The next step is a letter (CP90, IRS Letter 1058) giving final notice of the intention of the IRS to issue a levy and informing the taxpayer of his right to a hearing.
The last step is a final notice (CP 91 CP298) to advise the taxpayer of his/her social security benefits before the levy.
How do you get this levy or garnishment released?
To release a wage levy or stop IRS garnishment, you will have to respond to the IRS and pay off all your debts and ensure that all unfiled tax returns are filed yearly. It is not advisable to negotiate with the IRS directly, hire a representative; an EA Enrolled Agent, tax lawyer , or CPA who is experienced in tax problems and begin the negotiation. The IRS will most likely agree to a compromise, and you may pay less than you owe. The EA Enrolled Agent, tax attorney, or CPA will negotiate terms that will allow you to pay what you owe in small bits over some years and the time given for this installment payment is much better than the IRS demanding full payment.
Another route to take is to plead poverty; the IRS will not enforce a levy or garnishment when it causes financial hardship on the defaulter. The IRS may hold back until the financial situation of the debtor improves if paying the garnishment debt would deprive the debtor of his/her basic living expenses. A professional EA Enrolled Agent, tax attorney, or CPA should be engaged because they are familiar with the process of poverty assessment of the IRS.
Resignation is another option that will stop IRS garnishment. Since IRS garnishments are unique to each employer, resigning will mean that that garnishment order is useless. If the IRS intends to pursue it through they must file another order through the same stringent process to the debtor’s new employer.
We stop wage and bank tax levies and garnishments. Get your tax problem resolved today. Do not let the IRS ruin your life, get your life back in order.
Resolve your tax problem today! Call us at 877-788-2937.
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