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There are several scary missives people dread seeing when they open up their mailboxes. An overdue notice, a summons for jury duty, or a traffic ticket are all unpleasant discoveries. But none of them can compare with an IRS Notice of Levy.
An IRS Notice of Levy is the single most frightening letter the most frightening collection agency on earth sends out. If you receive one, it probably means the agency has lost patience with you. Perhaps you missed a payment of your payment plan for taxes or you have been ignoring their letters and/or calls. Whatever the reason, the IRS has determined that they need to take aggressive action in order to collect your tax debt. What does this mean?
A tax levy gives the IRS the legal right to seize your property to satisfy your debt. They can take your car, your boat, even your home. These items will then be sold at public auction. But that’s not all. The IRS can also seize your bank accounts and garnish your wages and social security benefits. They don’t play around. When the IRS determines that you will not pay, the gloves come off.
What can you do?
According to the conditions set forth by the US Congress, the Internal Revenue Service cannot seize a taxpayer’s property until it has sent him a Notice and Demand for Payment. If this correspondence is ignored, the agency will deliver a Final Notice of Intent to Levy and Notice of Your Right to a Hearing. As we mentioned earlier, this is the most serious letter the IRS mails out. A taxpayer has just 30 days to answer this notice before the IRS gains the legal right to seize personal property and assets.
The best advice we can give you is to never let the tax levy process get started. Once it has begun, it can be difficult to reach a favorable agreement with the IRS. Like any other creditor, the agency is far less likely to negotiate with a debtor who has repeatedly ignored their requests for payment. The best thing you can do is to deal with the problem as soon as you receive the first letter, the Notice and Demand for Payment. The IRS is far more likely to listen if you take positive steps to settle your tax debt before the levy process begins.
It is important to contact an experienced tax advisor as soon as possible. These trained professionals will speak with the IRS on your behalf and will attempt to stop the tax levy process in its tracks. We won’t lie to you; it may be an uphill battle. But a talented tax advisor may be able to convince the IRS not to take your stuff. If he can convince them that you are serious about paying your back taxes, he may be able to negotiate a payment plan for taxes that includes manageable monthly payments.
Article Source: sooperarticles.com/finance-articles/what-do-if-you-receive-irs-notice-levy-548213.html
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For more information about IRS debt, IRS lien help, and IRS problems help please visit Txmstr.com.Author: Dori Faxton