Few things are more overwhelming than living with the fear of having your possessions and assets being taken away at a moment’s notice. Your tax debt burden may feel endless, but once the Internal Revenue Service (IRS) gets a hold of a your lifetime investment, such as your home, the full weight of your financial situation could devastate you. Every day, people choose to live with the pain of debt and the fear of having their property taken away from them. You do not have to live like this.
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Luckily, when you consult with Christina, your fresh start could be right around the corner! When you call our office at (818) 841-0255, we can go over several options for resolving your unpaid taxes. Depending on your situation, you could be eligible for several tax relief programs, such as an offer in compromise, currently not collectible, an IRS payment plan, or even an injured spouse. There are many options available, and we are committed to determining which solution can render the best result while allowing you to pay the least tax possible!
Functions of IRS Levy
Levies can do a lot of damage and can even ruin your life. A levy is the IRS’s way of getting your immediate attention. When you continuously ignore notices from the IRS, they may try to pursue you in other ways, such as through an IRS levy. Levies are used to seize your wages and whatever other assets you may have. If you own it, the IRS can take it. The IRS can seize and sell any type of property that you own in order to settle a debt.
Such assets and actions could include:
- Any real estate property you hold
- Any property that is yours but is held by someone else
- Your home, car(s), motorcycle(s), or boat
- A wage garnishment or garnishment of income or commission
- Your retirement account
- Your rental income
- Your bank accounts
- Your licenses
- Cash value of insurance
- Your accounts receivable, if you own a business
If you want to avoid an IRS levy and protect your assets, you need to speak immediately with a certified public accountant! A levy could have potentially devastating consequences, but I am ready to help you eliminate your tax debts and avoid a tax levy.
We know that the unexpected happens and may cause financial problems down the line. Once a levy is placed on your assets, there is not much that you can do to stop the IRS from taking your property. For homeowners, IRS levies can seem like nightmares. Just imagine waking up one day to discover that the IRS took hold of your bank accounts and liquidated all of your assets, leaving you and your family with nothing.
Unfortunately, tax levies sometimes do not completely satisfy the IRS. If the amount that the IRS took from you did not cover the amount that is owed to them, the IRS could continue to take your money until your assets cover your tax liability. The IRS will go after your bank accounts first because they know that your account can be easily liquidated into cash assets to pay off your debts more quickly. The IRS will not take into consideration that your checks may bounce or that you have other bills to pay. If you have a debt to the IRS, they will pull out all stops to take the money that is owed to them.
If a levy was imposed against you by the IRS, there may be a way to release the levy. I am often able to help my clients who are facing IRS levies. By petitioning on my client’s behalf under the provisions of the Internal Revenue Code Section 6343, all wages, salary and other income owed to or becoming payable to the taxpayer can be released from an IRS levy. Tax relief by ending a tax levy can provide invaluable peace of mind. I have helped hundreds of people with cases similar to yours, so do not think that your financial matters are too big or too complex.