Stop the IRS Tax Levy from Taking Over Your Life
Are you a Long Island, NY resident struggling with IRS tax problems? Don't let the fear of an IRS tax levy consume you. Take control of your situation and prevent the IRS from seizing your property.
Your Path to Relief Starts Here
What You Need To Know About An IRS Tax Levy
An IRS tax levy is a legal seizure of your property to satisfy tax debt.
The IRS can levy on wages, bank accounts, retirement accounts, vehicles, and even your home.
You will receive multiple notices from the IRS before a levy takes place.
It is important to act quickly and seek help when you receive these notices.
As a Long Island resident
Notice of Intent to Levy: You may receive this notice by certified or registered mail, or the IRS may deliver it in person.
In most cases, the IRS must provide this notice at least 30 days before seizing your property. However, there are exceptions to this rule, so it's important to act immediately upon receiving any notice from the IRS.
Appealing a Levy: You have the right to appeal an IRS tax levy, and it's important to do so within 30 days of receiving the Notice of Intent to Levy. This will temporarily stop any collection action while your appeal is being reviewed.
Your Rights as a Taxpayer: The IRS must follow specific procedures before levying your property. You have the right to challenge the amount owed or request an installment agreement with the IRS. Additionally, you can claim exemptions for certain types of income and assets.
Types of Property That Can Be Levied:
The IRS has the authority to seize any property or asset that you own, including bank accounts, wages, real estate, and even your car. They can also take money from retirement accounts such as IRAs and 401(k)s. It's important to act quickly to protect your assets and avoid losing them to the IRS.
Working with a Tax Professional: Dealing with an IRS tax levy can be overwhelming and confusing. Consider seeking help from a tax professional who has experience dealing with the IRS. They can assist you in negotiating with the IRS, filing appeals, and finding solutions to your tax problems.
How to Stop a Tax Levy
If you've received a Notice of Intent to Levy from the IRS, it's important to take action immediately. Here are some steps you can take to stop an IRS tax levy from taking over your life:
Contact the IRS: If you believe that the levy is not justified, you can contact the IRS directly to discuss your options. They may be willing to work with you and come up with a solution.
Seek Help from a Tax Professional: As mentioned earlier, working with a tax professional can be extremely beneficial in these situations. They can help you understand your rights and options, as well as negotiate with the IRS on your behalf.
File an Appeal: As a taxpayer, you have the right to appeal an IRS tax levy. You must do so within 30 days of receiving the Notice of Intent to Levy. This will temporarily stop any collection action while your appeal is being reviewed.
Resolve Your Tax Debt: The most effective way to stop an IRS tax levy is by resolving your tax debt. This can be done through payment in full, a settlement agreement, or an installment agreement with the IRS.