Taxpayers who fall behind on their obligation to the IRS are often surprised to receive levy notices in the mail. In an effort to collect what is owed, the IRS can attempt to seize property like bank accounts in an effort to pay down that debt.
If you are facing an IRS tax levy, it is important that you rely on the guidance of an experienced attorney. A Richmond IRS levy lawyer can advise you of your options and help you end the collection efforts against you.
An IRS levy is the government’s power to take your property to pay a tax debt. Levies go beyond liens, as they actually lead to the seizure of your property instead of just providing formal notice of a claim.
Before issuing a levy, the IRS must send a Final Notice of Intent to Levy and give you time to respond. If you ignore that notice or fail to resolve the debt, the IRS can move forward with collection.
Once a levy starts, banks will freeze your accounts the moment they are notified, and your employer will begin to withhold portions of your check to pay down your debt. This impact is immediate, and it can have a significant impact on your finances.
Levies are frustrating, but there are ways to have them released. A Richmond IRS levy attorney could help you with any of the following:
The most straightforward way to bring a levy to an end is to pay the full amount owed to the IRS. Once your debt is zeroed out, the IRS will release all levies against you. Of course, many taxpayers lack the funds to pay what they owe.
The IRS will often allow you to enter into a payment plan that satisfies your debt over time. If you lack the resources to pay the full balance but earn enough to make monthly payments, this is a good way to work toward an end to your tax debts. The IRS will usually remove any levies as long as you are making your payments on time.
If you cannot afford to pay the full amount, you may qualify to settle the debt for less than what you owe. When the IRS accepts an offer in compromise, it releases any liens as soon as the payment is completed.
The IRS must release a levy if it creates an immediate economic hardship. You need to show that the levy prevents you from paying basic living expenses such as housing or utilities, and the IRS will not just take your word for it.
It is never too early to reach out to a Richmond IRS levy attorney. You should speak with a lawyer as soon as you receive a notice of intent to levy, giving them enough time to have your levy released.
When you hire an attorney right away, it buys them more time to formulate a response. If you wait until the money has already come out of your account or your paycheck, it will only become more difficult to undo the damage. An attorney can review your financial situation and identify the strongest path to release the levy.
If you have been served with a notice of levy, do not hesitate to reach out right away. The support of a Richmond IRS levy lawyer could be the difference between keeping your money and having your wages garnished for years to come.