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!
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!
Previously, we’ve talked about offers in compromise, installment agreements, and other tax relief strategies. Now, let’s talk about partial installment agreements.
The IRS partial installment agreement is relatively new and can be an attractive option for taking care of your debts with the IRS. It allows you to make a lower monthly payment and, after all the payments have been made, the IRS then erases the rest of what you owe.
However, what can be a downside to the strategy when you set up a partial installment agreement? You automatically get a detailed financial review every two years. And, if the IRS determines that your financial status changed in that time, they can jack up your payments or terminate your agreement.
IRS Partial installment agreements 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!
Should you consider an installment agreement as a solution to your IRS tax problem? You have several options for dealing with the tax problem with the IRS; an installment agreement is one of them. An installment agreement is just what it sounds like – you agree to pay your tax debt to the IRS in a monthly payment plan.
There are some restrictions on the installment agreements. But, many times this is a good option for both businesses and individuals who owe taxes to the government.
There is a downside though. If you owe a lot of taxes, the required payments on your installment plan can often be quite high, and can interfere with paying your monthly bills. In addition, you may still be subject to interest and penalties on the debt that you owe.
The good news is, it is possible to negotiate lower payments with the IRS. To discover more about this options 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!