Your Tax Professional is Your Best Advocate
The IRS can take different courses of action to collect delinquent taxes. Taxpayers who have failed to pay their IRS taxes and have made no attempt to communicate with the IRS can expect serious consequences. The IRS has the authorization to implement a bank levy or wage garnishment to collect your tax debt. Instant Tax Solutions in South Carolina can help you apply for an IRS tax relief program.
IRS Bank Levy
An IRS bank levy is the legal seizure of the funds in your bank account. Your account is frozen and the bank is directed to remit funds to the IRS to satisfy your outstanding tax debt. A levy is different from a lien. A lien is a claim against personal property used as security for the tax debt, while a levy actually takes the funds as payment for your tax debt.
An IRS wage garnishment is an administrative levy which requires no court order. Only the following requirements must be met before the IRS can implement a wage garnishment:
- The taxpayer’s tax liability has been assessed by the IRS and a written Notice and Demand for Payment has been sent to the taxpayer.
- The taxpayer failed to pay the tax amount indicated in the notice within the prescribed time.
- The IRS has sent a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the levy.
Final notices regarding a bank levy or wage garnishment are sent by the IRS to the taxpayer’s last known address. Although the notices are sent by certified or registered mail, a taxpayer does not always receive them. Once the IRS has sent a Final Notice to the address on record, the levy can be enforced. Many taxpayers find out about the bank levy or wage garnishment after it has taken affect.
Tax Relief Programs are Available
A wage garnishment or bank levy negatively affects a taxpayer’s quality of life. With wages garnished it is difficult to qualify for a loan. With a frozen bank account bills cannot be paid. And now you have no way to pay your IRS tax debt.
The actions of a bank levy or wage garnishment can be stopped at the time the IRS sends out its Demand for Payment. Call a qualified tax relief service in South Carolina for help. Do not ignore the IRS Demand for Payment because you cannot pay. There is a way to resolve your tax debt problems.
The IRS has a variety of tax relief programs to help individuals who are in financial difficulty. Tax relief professionals are experienced in helping you settle your unpaid IRS taxes. These tax experts can determine which tax relief program is best for you, help you qualify, and negotiate with the IRS on your behalf.
Many tax relief teams in South Carolina have extensive experience in IRS debt settlement. With their help you can apply for tax relief in the form of an affordable payment plan or a debt reduction plan.
Last Updated December 25, 2016
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