What You Need to Know about IRS Levy
IRS levy is also called the wage garnishment which happens when your property is seized by IRS to pay back your tax debts. It can be stopped whenever you contact the right tax professionals. Generally, if you do this before IRS takes your assets, the levy can be prevented. Ideally, every employee would want to keep their tax problems a secret so that their employers do not come to know if them and since a wage levy is one of the most difficult burdens to bear it is vital that the levy gets stopped before IRS garnishes your wage. It is, however, to stop the levy even after it has taken effect.
The moment IRS evaluates the amount of tax that you have not paid you will be issued with a notice and an accompanying demand to make the payments. You will receive a final notification after getting some notices, and the final notice will come with a notice informing you of your right t hearing. It is after thirty days of the notices that IRS will garnish your wages. This is how such a wage levy will work.
Ideally, IRS will inform your employer of the pending tax payments, and your employer will be required to withhold a certain amount of your age so that the tax debt can be recovered. It is compulsory for employers to remit the amount that IRS requires them to remit. In the event they fail to do so they will be held liable, and that is why every employer will comply with their demands. This how the IRS levy can be stopped. Be sure to click here to get more info. now!
Once you contact a tax expert, you will be informed of your rights, and they will initiate a process that will make it possible to stop the levy and then resolve the tax problem temporarily. Ideally, they can try renegotiating the due amount or even challenge a claim ion the event the amount you have been paying is too high. For more ideas be sure to see page now!
Second, you can offer in compromise which is one of the most natural tax resolve methods. The second easy way to stop the levy is to streamline an installment agreement, and this is a better option mainly if you organize for one that you can afford to pay on a monthly basis.
Besides it is possible to claim economic hardship which can reduce the payments which you are supposed to make. You can click this website to find more info about tax preparation https://www.huffingtonpost.com/entry/happy-2018-six-tax-prep-tips-for-your-best-tax-return_us_5a58fbb0e4b0a233482e0ab1.