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The IRS imposes tax levies and wage garnishments as a more aggressive and forceful approach to collecting the taxes you owe. A tax levy can do immediate harm to your cash flow and cause severe economic hardship. If you are under threat of a tax levy or have already begun seeing the seizure of your property, The Highland Tax Group can help. Our experts can evaluate your situation and work toward an IRS levy release and/or garnishment release by negotiating for less intrusive ways to resolve your tax issues.
A levy is much different than a lien. With an IRS tax lien, the IRS places a claim on future liquidation of your property. With a levy, the IRS actually seizes and liquidates your property without your permission in an attempt to recover the taxes owed. Examples might include:
Another form of levy is wage garnishment. With a garnishment, the IRS effectively requires your employer to pay a pre-determined amount toward your taxes out of your paychecks. This measure may be less aggressive than seizing property or freezing accounts, but for people living on a tight budget, a garnishment can still be financially devastating.
The IRS typically reserves tax levies and garnishments for people and businesses who they feel can pay their taxes but aren’t doing enough to satisfy the debt. The IRS must also send you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing at least 30 days before the levy is initiated. The best way to avoid or reverse a levy or garnishment is to petition the IRS for a release. Ways to secure an IRS tax levy release include:
The experts at the Highland Tax Group have a keen understanding of how IRS tax levies and garnishments work, and we have extensive experience negotiating levy releases for our clients. If you are under threat of a tax levy or garnishment from the IRS, we can take steps now to prevent it from happening. If you’re already under a levy, we can negotiate for a release on your behalf. For more information, reach out using the contact form below.