Property Exempt from Collection

You owe the IRS and would like to put past mistakes behind you and get a fresh start.  You may have heard a lot about the IRS offer in compromise program – popularized by those deep-voiced TV and radio advertisements that makes it sound like you just call the IRS, offer a number, they say […]

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An IRS wage levy does not have to result in the loss of all of your paycheck. The Internal Revenue Code has exemptions that can protect your earnings from an IRS levy. These “exemptions” are listed in Section 6334 of the tax code, appropriately titled “Property Exempt from Levy.”   Think of exemptions as protections […]

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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 […]

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I received a great question from a reader about whether Veteran’s disability benefits should be included in the value of an IRS installment agreement or offer in compromise. Although the question is directed to Veterans’ disability benefits, my answer also applies to those with unemployment and workers’ compensation benefits.  Here is the question: I owe the IRS […]

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A reader asks the following regarding IRS levies on social security benefits: What is the difference between an automated federal levy on social security and a manual tax levy, and why does the IRS choose one over the other? Here is my response: 1.     Automated Levy (15%).  Pursuant to section 6331(h) of the […]

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Retirement accounts are considered to be an investment that is protected from creditors.  But here is an interesting question from a reader about a big exception to that rule (yes, it is the IRS): Several years ago, I liquidated all of my retirement money to pay for gambling trips to the casinos.  My husband and […]

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