IRS GARNISHMENT (Wage Garnishment)
and Tax Levy
IRS Garnishment (Wage Garnishment)
An IRS Garnishment (wage garnishment) is a type of IRS enforcement method used by the Internal Revenue Service where a portion of your wages or salary are deducted from each paycheck and applied towards paying off your tax debt. An IRS wage garnishment is continuous which means it will take your wages/paycheck until it is stopped and released. An IRS garnishment ends when the taxes are paid in full or another payment method such as an installment agreement is arranged. The IRS may garnish as much as 100% of your paycheck when the IRS implements a Manual Levy.
Many people find that they cannot live on the amount remaining after the garnishment is taken out, so they seek a modification. Wage Garnishment modifications can help protect income and maintain a level that makes it possible to live.
THE TAX PROFESSIONALS AND IRS PROBLEM SOLVERS AT FLAT FEE TAX RELIEF ROUTINELY STOP AN IRS GARNISHMENT IN ONE DAY. 1-866-747-7435
The IRS has a broad ability to order a tax levy. A Tax levy will fall into 2 categories. The first are levies directed to the taxpayer and cover the property owned by the taxpayer, this is sometimes called a seizure. The second category is a tax levy served on third parties who hold intangible property belonging to the taxpayer, such as banks and employers.
In some cases, the IRS can seize your property. Generally in Florida, homestead laws protect your primary residence. However, it is critical that you find out your rights by speaking with an experienced and qualified tax attorney.
The IRS can serve the tax levy to your bank, your retirement plan holder, and to your life insurance company if your life insurance policy has a cash surrender value (whole life). A bank levy can also be used to remove cash from a bank account. Once the IRS places a levy order, your financial institution will be required to remove all funds available in your accounts up to the amount you owe, hold it in a separate account for 21 days and then send it to the IRS. It may be possible to obtain a release of a levy to help save you from losing your entire savings, so it is important that you seek immediate counsel from a legal or tax professional.
YOU HAVE 21 DAYS TO GET YOUR MONEY BANK. THIS 21 DAY PERIOD INCLUDES SATURDAYS, SUNDAYS AND HOLIDAYS. NEEDLESS TO SAY, YOU HAVE NO TIME TO WASTE.
This article is brought to you by the tax professionals at Flat Fee Tax Relief who have been providing valuable IRS tax debt help at a very affordable fee for more than a decade. Our teams are located in Clearwater, Florida, and San Diego, California which allows us to be available to our clients and the IRS from 8 A.M. Eastern to 6 P.M. Pacific time.
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