Tax Levies Archives - Page 2 of 3 - Chicago IRS Tax Attorney

Chicago: What to Do About an IRS Tax Levy

April 3, 2013 by admin

Steven A. Leahy

Chicago: IRS Tax Levy?

Chicago: IRS Tax Levy

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

April 3, 2013 by admin

Steven A. Leahy

Tax Help Chicago: IRS Offer in Compromise Help

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.

I Owe The IRS Back Taxes Help Chicago

March 26, 2013 by admin

Steven A. Leahy

Chicago: IRS Back Taxes?

Owe the IRS Back Taxes or Have a Notice of Levy? One of the most common questions we get is “What are back taxes?”

Back taxes are simply taxes that you owe that you didn’t pay when they were due.

They may have occurred because of income not being reported, or maybe because there wasn’t enough money to pay them when they became due.

Whatever the reason, the IRS will find a way to collect… eventually.

Sometimes the IRS doesn’t send notices for a while. If nothing seems to happen or they don’t get ‘caught’ some people start believing that they’ve somehow under the radar of the IRS and that they are getting away with it.

But that isn’t the case at all.

Eventually the IRS catches up with everybody.

Here’s what happens when they do:

1.You’ll get sent a Notice and Demand for Payment from the IRS.
2.You either pay or don’t pay the tax.
3.If you don’t pay, you’ll be sent a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the levy.

That’s when you know you’ve got big problems.

In 30 days, the IRS is going to start helping themselves to the money in your bank account. If you’ve received a Final Notice of Intent to Levy, you need to take action immediately.

IRS Tax Problem Help: Tax Options Chicago

March 21, 2013 by admin

Steven A. Leahy

Chicago: Is Your IRS Problem Keeping You Up at Night?

Chicago: IRS tax problems causing lost sleep?

The IRS has a lot of power. The power to put you in jail. The power to garnish your wages, and the power to raid your bank account.

But there is something about the IRS that you need to know.

(And something a lot of people won’t tell you about)….

The extreme measures, like jail time and bank seizures, are reserved for people who don’t take action. They aren’t for people like you who are looking for a solution.

When you take action in dealing with your IRS problem you can easily avoid the worst case scenarios.

In fact, the IRS has 5 distinct solutions that allow people who are looking for a solution to make their IRS debt go away.

One of them will make sense for you and your situation.

You don’t have to try to figure out “how” right now. Just take a moment and decide in your mind that you won’t lose any more sleep over an IRS problem.

Because the IRS really doesn’t want to put you in jail or sieze your assets. They want compliance with the tax law, and they want you to work with them to pay your tax bills.

IRS Bankruptcy as a solution to your tax problems

March 18, 2013 by admin

Steven A. Leahy

Chicago: Should You Consider IRS Bankruptcy as a Solution to Your IRS Tax Problem?

Bankruptcy in Chicago – Should You Consider Bankruptcy as a Solution to Your IRS Tax Problem?

Many people facing a tax problem consider bankruptcy as a solution. But what many don’t realize is that bankruptcy may not solve the problem. There are very strict rules about tax debt and bankruptcy. And your tax debt may not be able to be included.

For example, payroll taxes cannot be discharged in a bankruptcy. And if you haven’t filed your taxes, your tax debts will not only be excluded from the bankruptcy, but you can be sent to jail.

If you are considering declaring bankruptcy, and have tax debt, or haven’t filed, then you must be sure to consult with a tax attorney first! Even if IRS bankruptcy won’t eliminate your tax problem – bankruptcy may be a tool in a comprehensive strategy to resolve your IRS Tax problems.

When you owe taxes or haven’t filed tax returns, dealing with the IRS on your own can be a nightmare. It can create massive financial havoc in your life, ruin your credit, and if you let it get bad enough, it can send you to prison.

We can guide you through the process of negotiating with the IRS, getting the law on your side, and getting your life back in order. And the sooner you take action, the sooner you can get the IRS off your back and out of your wallet.

IRS Bankruptcy can be a good option for some. It all depends on the individual situation. To discover more about this option and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!

Chicago: What to Do About an IRS Tax Levy

Chicago: IRS Tax Levy?

Tax Help Chicago: IRS Offer in Compromise Help

Tax Help Chicago: IRS Offer in Compromise Help

I Owe The IRS Back Taxes Help Chicago

Chicago: IRS Back Taxes?

IRS Tax Problem Help: Tax Options Chicago

Chicago: Is Your IRS Problem Keeping You Up at Night?

IRS Bankruptcy as a solution to your tax problems

Chicago: Should You Consider IRS Bankruptcy as a Solution to Your IRS Tax Problem?

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