If you’ve recently received a notice from the IRS stating that they intend to levy and seize your assets, then it’s important to respond quickly. You only have 30 days to challenge their decision. If you contact them right away, you may be able to set up some type of installment plan to repay the monies you owe the government. State taxing authorities can be even more intimidating and are often quick to move forward with asset seizures.
The best way to stop a seizure from taking place is to work out repayment arrangements with the IRS. In many cases, it can help to work with a professional with years of experience at these types of negotiations. Many taxpayers are emotional and stressed out about their taxes to start with. It’s in your best interests to speak calmly and professionally to the IRS representative. Often, people are unable to do this and that’s why working with a skilled expert can be so beneficial.
Your representative can help you decide on the best course of action and then speak on your behalf. The tax specialists at The Tax Resolvers are very well acquainted with all the different programs available to those who are behind on taxes. You might be able to reduce your fees and penalties or even reduce the overall amount you owe. The IRS has many programs available depending upon your specific situation.
Among the many ways to get a tax levy released, the most obvious, of course, is to pay the entire back taxes in full. If you have a credit card the amount would fit on or if you can borrow money from a local lender, then your interest and fees on repaying this money will be far less than the IRS. Their interest, penalties, and fees are among the highest in the nation. Each month you do not pay, additional fees and interest are tacked onto your balance. At least with a credit card or bank loan, you can get fair rates and will eventually pay the balance off.
Other ways to get a tax levy release include:
Demonstrate Undue Hardship
Negotiate a Release of the Levy
An Installment Agreement
File an Offer in Compromise (OIC)
The purpose of a tax levy is to get the money owed, so if you can find some way to pay the IRS what you owe them, they will release the levy immediately. In any event, it can be helpful to call the IRS and speak to someone about your case. If you don’t feel capable of speaking calmly in a professional manner, then hire someone to help you, such as a tax professional, CPA or other financial experts.
The Tax Resolvers can help you enter into an Installment Agreement and even file the right paperwork on your behalf. The standard charge for installment agreements is a one-time fee of $120 or this can be reduced to $52 if you are willing to allow a direct bank debit for your monthly payment. Once this has been agreed upon and initiated, the IRS will normally release the levy within a few days.
Working with the IRS can be tedious and stressful, but The Tax Resolvers can step in and help with negotiations, paperwork, consulting or whatever services you need. We focus on giving you personalized service designed to help you get your tax problems taken care of as soon as possible. We may be able to save you time and money by negotiating down the interest and penalties. Our goal is to help you get your problems taken care of so that life can return to normal. Please call us if you have a troubling tax problem and need help.
Don’t try to fight the IRS alone, our tax professionals can help!