An IRS Garnishment and back taxes can result in huge problems. The Internal Revenue Service (IRS), like most creditors, has the power to garnish your wages. And this is not the problem you want. Yet, this could be the end result if you owe a tax debt to the IRS. You see, the IRS can garnish your wages without first getting a judgment. And the amount it can take is usually more than what regular creditors can take. There are several options available to you if you owe the IRS. Accordingly, there is a solution that will prevent wage garnishment.
Further, the agency has the authority to levy or seize your property for unresolved debts. A specific type of levy is the garnishment of your employment wages each pay period. However, the IRS has to follow specific guidelines before they take such drastic action. Business & Financial Solutions understands the tax garnishment rules. We can help you prepare for the garnishment. Or we may even be able to assist you in stopping it. Similarly, it is possible to get a release of an already enforced levy.
Once the IRS assesses your tax, you will generally receive a notice and a Demand for Payment of the amount due. And if you fail to pay this amount, you will soon after receive a Final Notice of Intent to Levy and a Notice of Your Right to a Hearing. A substitute return may be filed by the Internal Revenue Service if you did not file one. And you may be given the time and opportunity to file the original return. You may find that the tax debt is considerably less than the substitute return filed on your behalf.
The Final Notice of Intent to Levy and a Notice of Your Right to a Hearing must be sent at least 30 days before the IRS begins to garnish your wages. However, the IRS needs to be contacted and an attempt needs to be made to resolve the issue before this point. And there are several ways to prevent or stop a tax levy. But the method used should be determined by your financial and tax situation. Some clients may not qualify for any of the resolution methods for stopping the levy. Even so, there are still ways to negate the effects of the levy. Therefore, know your options. In fact, this is necessary if you wish to get through this crisis with any rate of success. And you want to be able to protect your assets from the IRS.
Business & Financial Solutions can assess your rights as a taxpayer, and determine the best course of action for your particular situation. We will contact the Internal Revenue Service on your behalf, and work out the best solution for your problem. If the levy is creating an immediate economic hardship, the levy may be released. A levy release does not mean you are exempt from paying the balance. The IRS will work with us to establish payment plans or take other steps to help you pay off the balance, or settle the debt for your back taxes. To help ensure quick action, please contact us immediately for assistance.