It’s one of the biggest nightmares of any taxpayer: Waking up one morning to a very nasty letter in the mail saying that the IRS is going to seize your assets. But can they do that? What can they take? And is there any way to avoid it? Read more below to find out!
If you’d like to speak with a Charles Krengel, P.A. representative today, call us at (800) 892-9631 or click here to contact us online!
IRS Wage Garnishment Help
We’ve all heard horror stories about IRS levies, but what are they, and how do they work? It’s important to know what your rights are, and what the IRS prefers to do, as this is what will give you what you need to keep this from happening.
Issuing a levy is really the tool of last resort for the IRS. They will only issue a levy after sending you a notice that you haven’t paid your taxes, you refused to respond to that notice, and they sent you a certified notice that they are going to levy your assets. In other words, the IRS gives you plenty of notice before issuing a levy.
After the levy is issued, you can still appeal it. The bad news, though, is that if you can’t get the levy lifted or otherwise eased, the IRS can take it all to satisfy your tax debt. Your bank accounts, your 401(k), your retirement accounts… all of these are assets, and all of them can be subject to levy, meaning a total or partial emptying of the account. The IRS might even expect you to cash out your 401(k) early to pay off your tax debt which will result in a tax liability on the withdrawn funds.
The bottom line is don’t ignore IRS notices. If you receive a notice of intent to levy, you’re going to need to act and act fast.
Do you have enough set aside for taxes?
How Can Charles Krengel, P.A. Help?
The first step you need to take is to find a good, reliable CPA with experience dealing with IRS tax controversy. The truth is that the IRS prefers not to just wipe out your accounts; they only use tools like levies and liens when they believe you’re not going to pay your taxes unless they forcibly take the money from you.
At Charles Krengel, P.A., we’ll help you by getting your tax return in order and seeing what you owe and why. We can also find important points that affect the issuing of a levy, such as a procedural error. We will negotiate with the IRS to have your levy released and discuss other payment alternatives. Finally, we’ll help you navigate the waters of the IRS and work out a collection plan you can not only fit into your budget, but keeps your wages, bank accounts and retirement accounts safe for when you need them.
If you’d like to speak with a Charles Krengel, P.A. representative today, call us at (800) 892-9631 or click here to contact us online!
Contact Charles Krengel, P.A.
At Charles Krengel, P.A., we’ve been helping businesses and people avoid levies and get on payment plans that work for back taxes since 1987. Don’t let an IRS levy wreck your finances and make your life that much harder; call us today.
