Guideline For Stopping The IRS Levy
The IRS may legally seize the right to or any property owned by the taxpayer or to which they have an interest in if they are unsuccessful in the tax collection. This is what is called the tax levy and unlike the tax lien that any people are familiar with, they do not just claim the assets but actually seize them. The rights to property and property that they may size includes the wages, money that you may have in the bank accounts and any other financial accounts and this includes even the retirement benefits, the life insurance loan ash value, the dividends and the commissions, the accounts receivable, the rental income and the license. In some cases, they may even sell assets like the real estate, the car and things like the boat to satisfy the tax and this is the last thing that anyone needs. As if that is not enough, they may also apply to the federal tax liability the state income tax refund and the federal tax refund that you may owe.
Among the highest pressure IRS collection tactics is the IRS levy and anyone would want to urgently want the levy released. There are law and procedures however that bind the IRS that are designed mainly to protect you regardless of the fact that they are the collection agency of the government. There is information out there about these rights and the process, but there are lots info on the actions that you can take in such a situation to reduce the tax liability that you will never get from contacting the IRS directly. This is because they expect that you know your rights in such a situation and how to execute them. This is basically to say in simple terms that the IRS will not help you but rather just collect because that is their job.
There are however a tax relief companies that can help you here and secure the mopes favorable outcome for you, and protect you from the IRS collection. You will, however, have to choose the best ones out there because while there may be a good number of these out there, not all of them will be a great choice. There are bodies like BBB where you can get information on how they are doing out there, recommendations from other people that you know and also the other online resources. Given the magnitude of the damage that the tax levy can do, you have to ensure that you have a team, of professionals that have the right experience and reputation by your side.