What to Know About Tax Levies and Garnishment in San Diego
If you owe back taxes to the IRS or Franchise Tax Board (FTB), your income,your wages and assets (bank account), including real and personal property, can be pursued by the taxing authorities as a means of collecting the tax liability.
FLAT FEE TAX SERVICE CAN HAVE YOUR WAGE AND BANK LEVY
STOPPED IN ONE DAY.
AFTER THE WAGE AND BANK LEVY HAVE BEEN RELEASED,
LET’S PUT TOGETHER YOUR TAX SETTLEMENT.
What is a Bank Levy and Wage Garnishment?
The IRS has the authority to collect unpaid taxes by issuing a wage garnishment to your employer or a bank levy to one or more of a taxpayer’s bank accounts. The tax levy can attach to money within a savings account, checking account, retirement account, and other accounts, such as brokerage accounts. The IRS or state taxing authority may also issue a tax levy notice to your employer, resulting in an ongoing wage garnishment until the levy is either satisfied or released. Wage levies and bank levies are legal orders that recipients must comply with.
This can easily happen: the IRS is levying my bank account and issued a wage garnishment to my employer. What can I do?
Most bank and wage levy actions are taken by the Internal Revenue Service in an effort to grab the attention of the debtor taxpayer. If you receive a wage garnishment on your income or a tax levy at your financial institution, be sure to contact an experienced tax professional to prevent further enforcement actions.
I am Dave Rosa. It is my duty, my responsibility as well as my pleasure to provide you with a thorough and complete consultation. Our conversation will take 20 to 30 minutes.
If you have a tax levy and/or wage garnishment in the San Diego, California area, give our team of tax professionals. Flat Fee Tax Service routinely has bank levy and wage garnishment stopped and released in as little as one day.
If you are facing and getting hit with an IRS wage garnishment, it is important to act fast so you can limit the impact the IRS will have on your financial well being. The IRS will continuously take the money from your paycheck with little regard to your other financial needs. The IRS does not care about your rent, your mortgage, your car payment or feeding your family unless they are forced to do so.
There are many methods that can be used to stop an IRS wage levy (IRS garnishment) if you have an experienced IRS tax relief professional handling your income tax problem. The method you use will be determined by your tax, financial, and work situation. The most ideal method to choose would be one that resolves your income tax problem as well as stops the IRS wage levy “in its tracks.”
STOP YOUR IRS WAGE LEVY TODAY. CALL: 1-866-747-7435
Ideally, an IRS wage garnishment (IRS levy) will be stopped in one day (often within hours) and your income tax problem will be resolved at the same time or very soon afterward. When the IRS sends their final notice of intent to levy the IRS will state that you need to pay your past due to tax debt in full or come to some other form of arrangement to prevent the levy from happening. Typically you can still do that even after the levy has taken effect. Below are some methods to pay in full or make some other form of arrangement.
Pay your income tax debt in full – IF YOU COULD DO THIS, YOU WOULDN’T BE THE TROUBLE YOUR NOW IN. Once your income tax debt has been paid in full the wage garnishment will immediately stop. Even if you can’t pay in full maybe you can borrow from family or friends (not recommended), have a garage sale and sell some assets, refinance your home, or even try to pay taxes on a credit card (also not recommended).
SO, LET’S FORGET THIS OPTION.
Enter into an Installment Agreement – An installment agreement is a PAYMENT PLAN between you and the IRS that says you will pay off your tax debt in monthly increments until everything has been completely paid off. Once you have an installment agreement accepted by the IRS, the wage garnishment/seizure will be stopped. You will remain in good standing with the IRS as long as you keep up on your monthly payments and do not default on your agreement. The IRS prefers this method to be used if taxes cannot be paid in full.
PLEASE NOTE: MOST PEOPLE DEFAULT ON THEIR IRS PAYMENT PLANS BECAUSE THE AMOUNT AGREED UPON WAS MORE THAN THE STRUGGLING TAXPAYER COULD REALLY AFFORD. WHEN YOU DEFAULT, AND, MOST LIKELY, YOU WILL, THE IRS WILL LEVY YOU AGAIN.
YOU CAN SETTLE WITH THE IRS FOR LESS.
Submit an Offer in Compromise – An offer in compromise is an IRS settlement program that allows financially struggling taxpayers to settle for less than the total amount of back tax debt that they owe. This is a very hard filing to get accepted if you do not know what you’re doing. Less than 1/2 of the IRS settlement submissions are actually accepted by the IRS. If you are considering this type of filing it is highly suggested that you do some in-depth research to see if you are actually a likely candidate.
You should consult with an experienced IRS tax attorney to get their opinion. When you file for an offer in compromise your wage levy will typically be delayed until your offer has been reviewed. It will not stop it if the IRS thinks you are using the filing as a stalling tactic though. If your offer is accepted you will be considered in good standing with the IRS and no wage levy will exist.
THE IRS TAX PROFESSIONALS AT FLAT FEE TAX SERVICE CAN TELL YOU DURING OUR INITIAL CONSULTATION IF YOU ARE QUALIFIED AND ELIGIBLE FOR AN IRS OFFER IN COMPROMISE.
Currently not Collectible – The IRS does have some guidelines as to when it is unfair to collect from a taxpayer. The only problem is they will not stop collecting until it is proved to them that it is unfair to collect from the taxpayer. If you can prove to the IRS that the garnishing and seizing of your wages, Social Security, Social Security Disability (SSDI) or Veteran’s Pension causes financial hardship the garnishment (levy) will be stopped. This is only a temporary solution and may or may not resolve income tax problem. If you get placed into Currently Not Collectible status, it is possible to run out the Statute of Limitations on the IRS collection enforcement.
The IRS will check on you every 12 to 18 months to see if your financial condition has improved so that you can make payments. If you cannot, the Currently not Collectible status will continue.
IF YOU QUALIFY FOR CURRENTLY NOT COLLECTIBLE, WE RECOMMEND THAT YOU “GO ALL THE WAY” AND DO AN OFFER IN COMPROMISE.
An IRS garnishment (levy) is very difficult to deal with and it is important that you act fast to limit the effectiveness of this collection method and get your paycheck freed. It is highly suggested that you consult with an experienced IRS tax professional when dealing with an IRS wage garnishment.