levies

A tax levy is a legal action taken by the government to seize a taxpayer’s assets to satisfy a debt owed for unpaid taxes. Unlike a tax lien, which is a claim against property, a levy involves the actual confiscation of assets such as wages, bank accounts, or personal property. For instance, the IRS may garnish wages directly from an employer or withdraw funds from a taxpayer’s bank account. Tax levies are typically pursued after a tax lien has been filed and the taxpayer has failed to resolve their debt through other means. It’s a more aggressive collection tool used when other attempts to collect the owed taxes have been unsuccessful. Resolving a tax levy often requires immediate action, such as negotiating a settlement or establishing a payment plan, to prevent further financial disruption.

If you’re facing a tax levy, the first step taken as your trusted tax network is to thoroughly review your situation to understand the specifics of the levy and the underlying tax debt. This involves gathering detailed information about the amount owed, the assets being targeted, and any correspondence you’ve received from the tax authorities. Our teams then work with you to develop a tailored strategy to address the levy. This may include negotiating directly with the IRS or other tax agencies to either release the levy or establish a more manageable payment arrangement. Our network also help you compile the necessary documentation to support any claims for hardship or financial difficulties that might influence the terms of the settlement.

Additionally, our network of tax professionals will guide you through the process of resolving the tax debt to prevent future levies. This might involve filing any outstanding tax returns, correcting any inaccuracies in your tax filings, or applying for an Offer in Compromise if your financial situation warrants it. Our teams will also ensure that all necessary paperwork is submitted correctly and in a timely manner and follow up with the tax authorities to confirm that the levy has been lifted once an agreement is in place. Our role is to advocate on your behalf, aiming to minimize the financial impact and restore your peace of mind by effectively resolving the levy and helping you get back on track.Top of FormBottom of Form