IRS Levy

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Every year, the IRS issues millions of tax levy notices

Need an IRS levy release? If so, call Federal Tax Professionals. After all, the IRS is serious about collecting on the debts that taxpayers owe the IRS. They use the levy process to seize your assets until Uncle Sam is paid off. The IRS can take property like your house, cars, boats, savings, bank accounts and Social Security checks.

The good news is that Federal Tax Professionals has stopped levies in 3 or 4 business days in 91% of our cases. 99.9% of the time, the levies are stopped within 8 business days. Our Emergency Tax Relief Team will contact the IRS to make sure you don’t lose any of your assets. We negotiate with them to find the best possible solution for you, such as an Offer in Compromise, an affordable monthly payment plan or have you declare Currently Not Collectible by the IRS. We also use the law to your advantage by requesting an IRS levy release if it is creating a hardship.

Don’t Let the IRS Garnish Your Wages

Receiving an IRS tax levy on a bank account might seem terrible, but it pales in comparison to having your income garnished. That’s when there is a huge tax levy on paychecks. If you are a 1099 contractor, they take 100% of your earnings. They don’t even leave you enough money to pay your bills. Worse yet, most or all your paycheck will go directly to the IRS until the tax debt is fully paid.

Protect Your Pension, Retirement and 401k Plans

The IRS has the ability to place a levy against retirement funds, pension and benefit plans like 401ks. The IRS can only take out as much as you would be allowed to. If monies are not available until retirement, the IRS cannot levy those funds until your retirement. However, if an early withdrawal from a 401k results in a 10% penalty, the IRS will levy the available funds but waive the 10% tax.

Safeguard Your IRA

Although IRAs are protected from other creditors, they are not exempt from an IRS levy. If you have the ability to make a withdrawal from the account, the IRS can place an attachment against it.

Avoid a Levy with Federal Tax Professionals

The IRS will send a final notice of levy by registered mail to the address they have on record for the year the debt was created. If you have moved, there is a good chance that you will never receive the important warning about the levy. When this occurs, you should contact Federal Tax Professionals right away to help you avoid a levy. Even if a levy is issued, you should get in touch with our office. That way, Federal Tax Professionals’ Emergency Response Team can quickly get your levy released.

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