Ways You Can Get Your Asset Released From IRS Tax Levy

-
Internal Revenue Service’s (IRS) main job is to get people to pay their taxes. They come up with unique and different ways to settle debts that taxpayers owe to the government. Among the many ways, tax levy is one way IRS get their debt compensated. This involves seizing of property by the government agency.

Below are the ways in which you get IRS tax levy freed.
  • The best way to get IRS to release your tax levy is to fully pay whatever you owe to the government. Make sure your balance with IRS is zero
  • You can file a formal appeal within 30 days from the time IRS informs you of their intent to seize your property. The appeal can stop the IRS from levying an asset for some time
  • You can talk with IRS to settle on an installment agreement to pay off your tax debt. You can monthly pay the IRS its debt and at the same, free your asset from their control. The payments will be calculated keeping in mind how much you earn so that payments are doable for you
  • Offer in Compromise (OIC) is another way to deal the IRS tax levy. OIC is a sort of request to the IRS to allow you to pay whatever you can, considering your financial situation, to the government. If the IRS finds your request honest and justified, it will settle on a debt payment which is less than what you actually owe to it. Your asset will be release as well
You can also get in touch with a tax levy attorney to help you deal with this critical situation. Such an attorney knows what method will work best for your particular situation as they have years of experience in IRS tax levy cases.

Comments

Post a Comment

Popular posts from this blog

3 Steps to Deal With Unfiled Corporate Tax Returns

-
When it comes to filing your taxes, you cannot take any chances. Since it requires a lot of paperwork and documentation, you need to make sure that you do it on time. However, if there is an instance where you have not filed your tax returns, you need to follow certain steps after that. If these steps are followed properly, it is unlikely that you will have to deal with a problem because of unfiled corporate tax returns . Here are some of the steps you should follow to deal with unfiled corporate tax returns effectively: 1. Contact the IRS To begin with, you need to contact the IRS if you have not filed your taxes. They will do it for you, however, they will charge additional tax for it which you will need to pay. In this stage, you need to have information about your taxes and the ways you will use to pay them off. If you are not sure about what you should do next, you should seek the help of a professional. 2. Retrieve the income records Once you have the basic
Read more

Understand IRS Debt Forgiveness Program

-
What life could bring next is unpredictable. When you fall under such a crisis that you cannot afford to pay the tax debt, the government offers back tax forgiveness . The tax debt of taxpayers is partially forgiven under certain circumstances. IRS decides to forgive the tax liability, only after looking at the payer’s present financial condition. In other words, the IRS cannot collect more than reasonable pay. When any collection action forces you to lose your financial security, the IRS cannot collect the back taxes.  Know What You Owe Before you apply for the IRS program, figure out how much you owe and where you stand currently. This is vital when you asking for IRS forgiveness. To know how much in taxes you owe, either check online through the IRS portal, mail a form to IRS, and ask a tax professional to do research on your status.  Lookout for IRS Collection Actions If you cannot pay the tax but haven’t asked for forgiveness or assistance from the IRS, you can e
Read more

Taxpayers With Debt Issues Can Make Use of IRS’ Offer In Compromise Program

-
If you are facing trouble paying your tax debt, you can heave a sigh of relief as revenue service of the US federal government, Internal Revenue System (IRS) have come up with a program known as Offer in Compromise. You and the IRS can sit down, discuss, and agree on a tax debit that you are able to pay, which is less than the actual debt required to pay. IRS offer in compromise is beneficial for both the tax payer and the revenue service. You get relief from debt burden and IRS is able to acquire whatever it can from the owed tax debt amount. While this program is advantageous for all parties involved, not all taxpayers can enjoy its benefits. IRS does not accept every offer in comprise from the taxpayers as it has its own criteria to judge who is suitable for this program and who is not. That is why it is important for those with tax debts to get legal assistance in this matter.  Some of the advantages you can enjoy as a struggling taxpayer with this program: You can pr
Read more