IRS Levies = Seizure of Your Property (Here’s What to Do) If you owe the IRS money and aren’t actively negotiating with the IRS, then it is likely they will use a levy against you.
A levy is the legal taking (seizure) of your personal property by the IRS to satisfy your tax debt. If the IRS is taking part of your paycheck the levy is called a garnishment.
And the IRS has the power to levy anything you own.
They can levy against or seize your:
House
Boat
Car
Motorcycle
Real Estate…
And the list goes on.
The IRS can also garnish anything that is owed to you. This includes:
Wages
Accounts receivable
Commissions
401(k)s
Individual Retirement Accounts (IRA’s)
Social Security… and more
You don’t want this to happen. Things get ugly when your personal property gets seized and/or you bank account gets “raided”.
Checks start to bounce. Payments don’t get paid. Cars get repossessed. Houses go into foreclosure, and credit ratings get destroyed.
If you haven’t paid your taxes or you haven’t filed, this could happen to you. The IRS has significantly stepped up levies and garnishments since 2004. And they show no sign of stopping.
If you are in trouble with the IRS or have received notices that you owe taxes, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!
Tax Help Chicago: IRS Offer in Compromise Help
The (Untold) Truth about IRS Offers in Compromise
Is it really possible to pay the IRS “pennies on the dollar” and have the rest of your tax bill forgiven?
Yes. It’s possible. In theory.
The only problem is it isn’t too likely to happen.
An Offer-in-Compromise used to be the only legitimate way to negotiate an actual lowering of the amount of taxes you owe.
But there has been a lot of abuse of this method in recent years. And the IRS has cracked down. In fact, only 15% of Offers-in-Compromise get accepted by the IRS.
The best way to know whether or not this solution is one that works for you is consult with a tax attorney.
The good news is that if an Offer-in-Compromise is not the right fit, there are several other options to choose from that are equally effective.
These include the ability to make payments to the IRS and sometimes these payments may even be reduced based on your income. This reduces the amount of debt you owe.
There is no sense in pursuing an IRS payment option, like an Offer-in-Compromise, that isn’t right for you and will most likely fail.
When dealing with the IRS you should always get the advice of a tax professional who can help you determine the right plan for your situation.
If you are in trouble with the IRS or have received notices that you owe taxes, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!