When the IRS gets you with a levy, bad things can happen – your wages are frozen and you are looking at living without a paycheck. The money you need to pay bills is suddenly swiped out of your bank account. This presents an urgent dilemma requiring immediate relief. So, what are the two quickest [...]
Automated Collection Service
My response to a reader’s question about what happens to your bank account after the IRS hits it with a levy. The IRS has levied my bank account and there was not enough funds to cover the total levy. Will the IRS levy all future deposits until it is satisfied or can I continue to [...]
When you make a payment to the IRS, it will be automatically applied to your account in a manner that is in the IRS’s best interest. But what is best for the IRS in handling your payment can be different from what is best for you. In some situations, it is in your best interest [...]
My clients with IRS collection problem come to me with different ideas about what will happen to them because they did not pay their taxes. Is the IRS going to show up one day and seize my house? Levy on my income so I cannot provide for my family? Shut down my business? When do [...]
The best way to get relief from an IRS collection problem is to consider the complete picture before jumping in. A quick way out may be desired, but it is important to look carefully before you leap. Here are three things that I recommend that you carefully consider before taking on an IRS problem: (1) [...]
If you owe the IRS back taxes, the IRS is required to give you a 30 day notice before they can start to levy and seize your property. This warning of levy action is required by law (Section 6330 of the Internal Revenue Code). The final IRS warning letter will have the words “Final Notice [...]
