IRS Tax Levies and Oklahoma City Taxpayers
Metro area: Greater Oklahoma City OK MSA
This is one of the mostly used tools by the IRS to get your attention is the IRS Wage Levy, or an IRS Bank Levy. This is a method to collect the due and unpaid tax debt from the taxpayer. As a resident of Oklahoma City and a taxpayer, you may experience this threatening step from the IRS. However, there is help available to handle such levy situations.
It may happen that one fine morning you find out that your debit card doesn't work anymore even though you had enough cash to buy a car 2 days back. This may happen when the IRS puts a levy on your bank account. You can call your bank and the IRS, but the bank Levy is usually not released under any circumstances until you pay all your unpaid back tax.
A Bank Levy strikes silently and makes you frustrated. It is devastating and it can make normal day to day living impossible. You will get several letters from the IRS about your unpaid back tax debt. You will receive a letter entitled "Final Notice of Intent to Levy" through which the IRS will inform you about their intention to Levy your Bank Account, and levy your paycheck.
Your bank will freeze the available money in your account(s) up to the amount of the levy for 21 days. If within these 21 days, the IRS does not issue a bank levy release, then your bank will remit the funds to the IRS. You will not have the money to pay for your mortgage, your car loan, your groceries, rent and so on.
in case of an IRS wage levy, your employer will garnish your wages and remit the funds to the IRS leaving you with just few dollars, this garnishment will continue for every paycheck until you negotiate a resolution with the IRS.
What are you going to do?
It's important to call a tax relief expert such as an IRS licensed enrolled agent who specializes in representing taxpayers with tax problems. If you hire a professional tax resolution service such as Mike Habib EA, the chances of getting the IRS levy released increases a lot. Getting a Bank Levy released, or a Wage Levy released is a tough job and its recommended that you seek professional tax representation.
Ways To Stop An IRS Tax Levy:
1) Hardship Plan: you can send a letter to the IRS along with evidences which will prove to them that after the tax levy, you won't be able to meet the standards of basic living requirements.
2) Payment Plan: it is possible to negotiate a payment plan with the IRS. If you can get it, you’ll have to pay a monthly amount on your tax debt and the tax levy will be removed.
3) Negotiate a Tax Settlement: you can also negotiate a settlement with the IRS with the help of your power of attorney to pay the debt quickly in one lump sum, this is the best option when your tax debt significantly is higher than your assets and or income.
Get expert tax help today by calling Mike Habib, EA at 1-877-788-2937