All posts in Tax

Money Matters: Your Guide to Tax Levies

In a nutshell, an IRS tax levy has the potential to seize all of your assets to compensate them for your back tax liability. Here are a few things you could lose; checking and savings accounts and inheritances. As well as; property, pensions, insurance policies, and anything else that is of value and has your name attached to it:

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With thanks to Alan Cleaver for the image

Why Are Tax Levies Filed?

There are two stages that need to be satisfied before a tax levy can be filed against you. A tax levy is filed against you when you have unpaid back-dated taxes. In addition to this, you must also have not cooperated with the IRS when they have demanded that your tax be paid up-to-date.

A tax levy being filed against you is not the first stage in the process, it is the last. Before you receive a tax levy from the IRS, you would have received a number of phone calls and/or letters. These correspondences would have requested that you pay back what is owed in unpaid tax.

What Are The Effects Of An IRS Tax Levy?

The IRS can seize your assets 30 days after you have received your IRS tax levy. The process starts when the IRS sends out a notice to all third parties that you have a financial connection to. These third parties will include your bank and your employer. All third parties will honour the IRS requests and notices. If they do not, they are held liable for your owed tax amount. There are no hiding places if you have been issued a notice of intent from the IRS.

Are There Different Types of IRS Tax Levies?

Yes. There are a number of different types of IRS tax levy that you can be issued with. They are normally determined by your personal financial and tax situation.

The most common form of levy is the IRS tax levy on wages, which collects money direct from your employer. Another form of levy is to take the money directly from your checking and savings account.

Depending on the situation, the IRS may also issue a tax levy to seize any physical assets from you. This can include you home and car.

I Have A Tax Levy From The IRS. What Do I Do?

You need to do the right thing and address the issue at hand. You will need to face the IRS head on and deal with your tax levy. Luckily there are a number of things you can do to get the IRS tax levy lifted.

Getting the IRS Tax Levy Lifted

First of all, contact the IRS and ask for a repayment plan to be set-up. If you do not have the financial means to repay what is owed then you will have to prove financial hardship.

I Can’t Get the IRS Tax Levy Lifted

You do have the right to appeal if you do not believe the IRS has made the right decision. You can also appeal on the amount that is owed. For more information on the appeals process, you will have to visit the IRS website.

 

No Credit Check Loans Online Lenders to access Easy Money

Do you have a financial crisis? You can get instant and hassle free no credit check loans online. With this facility, you will have instant access to money. They are also known as cash advance, payday loan or unsecured personal loan. Even if you have a bad credit you can get these loans as they require no credit check.

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Claim Back Money From The Taxman If You Wear A Uniform!

Did you know you can claim back money from the taxman if you wear a uniform for your work? You might have heard some crazy ideas over the years about stuff you can claim tax back on and things you can’t. There’s a lot of things you are supposed to be able to claim for but in actuality, you can’t.

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