Your IRS Levy can be Released in Order to Help Pay Back Taxes

The IRS is the largest and toughest collection agency in the United States, with thousands of audit agents and collection officers at its disposal. The IRS has the full power of the Federal Government in order to collect all of the tax dollars that are owed from all taxpayers; individuals and businesses. If you ever find yourself on the wrong side of any situation with the IRS, you are not in a very good spot. Finding yourself with an IRS Levy is a very serious situation.

If you are one of the thousands of people who find themselves owing money to the IRS for back taxes, you want to be sure that you are able to resolve it as quickly as possible. The IRS has a number of avenues that are at its disposal in order to collect from delinquent taxpayers. One of the most aggressive methods of collecting tax debts is called a levy, that’s when they wipe your bank accounts and seize your paychecks.

IRS levies are generally issued when a taxpayer has either failed to respond to notices or failed respond to numerous requests or failed to provide the collection division to provide the collection information requested.

2017 Enforcement Stats:

Audits: 5,098,076
Liens: 446,378
Levies: 590,249
CID: 3,019
Seizures: 323

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What is an IRS Levy

After the IRS has made numerous attempts to resolve back tax debts with taxpayers they are forced to resort to more aggressive means in which to collect the money owed to the Federal Government. The IRS has the ability to seize the assets of any individual or business in order to satisfy an IRS Tax debt.

An IRS Levy is an administrative action that does not require any type of court order to allow them to take any and all assets in order to completely satisfy a tax debt. The IRS derives its powers from US Federal Law and its authority is contained within the US Tax Code passed by Congress.

Getting a IRS Levy Released

Despite having a very bad reputation for using strong-arm tactics in order to get people to pay the taxes that they owe. The IRS can be flexible if it means that would be put in a better situation when it comes to collecting the money that it is owed. One of the ways that they are able to show leniency towards people who have IRS Tax Levies is by offering an IRS Tax Levy Release.

How Taxpayers can get it Released to Resolve Back Taxes

One of the major negative effects of having an IRS Levy put in place is that it can impede the ability of a taxpayer that is having trouble paying back taxes. This is especially true when it comes to a business. If the IRS places a IRS Levy on a company’s bank accounts, Accounts Receivables it would make it extremely difficult to pay back a IRS tax debt quickly and can drive the company bankrupt.

Fortunately, the IRS does have a mechanism in place that allows a taxpayer to make a formal request to have an IRS Levy released. There is a process and a form that is required to be filled out in order to make your intentions known to the IRS. However, just because you file the form it does not guarantee that you will be granted a release of your IRS Tax Levy.

The IRS is far more likely to approve a IRS Tax Levy Release request if they strongly believe that by doing so they are more likely to be able to collect as much of the tax debt more quickly. So, be sure that you fulfill all of the requirements that are asked of you during the release request process.

Get a free case evaluation by calling us at 877-788-2937.

Client Reviews
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