If you owe the IRS a considerable amount of money in back taxes and penalties, there are a number of actions they can take against you. Each of them is frightening and serious, but the tax help you will require is different, based on the action the IRS chooses to take.
One of the most frightening actions is a tax levy. If the IRS has been unable to collect a large amount of money from you, they can, by the powers granted in the Internal Revenue Code of the United States, place a tax levy on your property. Essentially, in section 6331 of the Internal Revenue Code, the IRS is able to ‘levy upon all property and rights to property’ of taxpayers who hold a significant debt with the IRS. This means that levies can be placed on accounts receivables, social security payments, wages, bank accounts, real property, insurance proceeds and personal residences. Once the levy has been placed, it is difficult to get it removed, without paying the sum in full.
Unlike other actions, such as wage garnishment, the IRS doesn’t have to go to court and receive permission to place a tax levy on a taxpayer who is in severe debt. This makes it difficult to fight the levy, and often people find it impossible to do so without the help of a tax attorney. If you have received a note that a levy has been placed on your property, or you know you are at risk of one being placed in the near future, call Levy Tax Help today for a free consultation.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.