Happy Tax Levy Lawyer
Having the Internal Revenue Service (IRS) impose a tax levy on your properties is a big financial problem. This administrative action could garnish your wages, empty your bank accounts, or seize and sell your valuable assets, such as vehicles and real estate.
So as soon as you receive the Final Notice of Intent to Levy and Notice of Your Right to a Hearing, contact our Happy tax levy lawyer right away. We can help you put a stop to the levy and request for its release.
Whether you are an individual or business taxpayer, Defense Tax Partners will provide you with the best legal service and help you reach a reasonable tax settlement with the IRS. We will negotiate on your behalf to set manageable terms for your payment plan and look for the most suitable legal way of reducing your overall tax liabilities.
Remember, you don’t have to put your assets at risk if you work with our tax lawyers as early as possible. Let us help resolve your tax debts and prevent the IRS from issuing a tax levy!
Call Defense Tax Partners at (502) 251-9518 for your Free Consultation with a Happy Tax Levy Lawyer!
What is a Tax Levy?
A tax levy is defined as the legal seizure of your property in order to satisfy your outstanding tax debts. This will be done by the IRS if you haven’t made payments for a long time and/or you didn’t negotiate for an arrangement in an effort to resolve your debts.
Before a tax levy will be carried out, the following circumstances should be met:
- Your tax was assessed by the IRS, and they sent you a Notice and Demand for Payment or your tax bill.
- You neglected or refused to pay the tax amount that you owe.
- You received the Final Notice of Intent to Levy and Notice of Your Right to A Hearing at least 30 days before the levy will be carried out. This notice can be given to you in person, delivered at your home or usual place of business, or sent to your last known address.
However, if the IRS levies your state tax refund, the Notice of Your Right to Hearing and Notice of Levy on Your State Tax Refund may be received after the levy.
- You will receive advance notification of Third Party Contact, which indicates that the IRS may contact third parties in order to determine or collect your tax liabilities.
- 30 days after receiving the Final Notice of Intent to Levy and Notice of Your Right to A Hearing, the IRS will initiate the levy on your assets if you didn’t reach any tax settlement nor given any payment.
If you fail to take any action to resolve your tax debts even after receiving a notice of the tax levy, this could damage your finances. The IRS can take any property that you own or have interest in as long as it can satisfy your outstanding debts.
Some forms of tax levies that the IRS may impose are the following:
Bank Levies
If the IRS levies your bank account, you won’t be able to withdraw or use your funds for 21 days after the IRS informs your bank about the levy. During this 21-day waiting period, you have the chance of stopping the levy by paying your debt in full, negotiating for a tax settlement, or notifying the IRS about the errors in the levy. Failure to do any of these will allow your bank to transfer your funds directly to the IRS.
Our Happy tax levy lawyer can help you with the IRS and put a stop to the bank levy. If the levy was imposed due to an error, we could also help in getting you reimbursed for the bank charges. We will submit Form 8546 (Claim for Reimbursement of Bank Charges) on your behalf and ensure that the following conditions are met for you to be eligible:
- The error should have been caused by the IRS.
- The error should not have been continued or compounded due to your contribution.
- You should have responded in a timely manner and have provided all requested information before the levy.
Property Seizure
Any property or right to property that you own or have interest in can be levied by the IRS. Assets like cars, boats, and houses can be seized and sold for the proceeds to be used as payment for your tax debts. Your properties that are held by someone else can also be seized, such as dividends, licenses, retirement accounts, rental income, commissions, account receivables, and the cash loan value of your life insurance.
Reduced Tax Refunds
The IRS can also keep part or all of your federal and state tax refunds to satisfy your debts. This can come as a surprise or great disappointment since you may receive the Notice of Your Right to Hearing and Notice of Levy on Your State Tax Refund only after the levy was carried out.
Wage Garnishment
If the IRS levies your wages, your employer will send part of or your entire wages directly to the IRS. In this case, the term “wages” or “salary” includes all forms of compensation such as commissions, service fees, bonuses, and other similar terms.
However, the IRS can only get 100% of your wages if you have another source of income to which the exemptions can be allocated. The exempted amount is calculated based on the standard deduction and your basic needs, considering your number of dependents (if any).
Preventing a Tax Levy
Filing your tax returns and paying the right tax amount on time is the best way to prevent the IRS from imposing a tax levy. Being proactive is crucial in assuring the IRS that you have the intention of paying what you owe and that a levy is not necessary.
If you still need time to file, we can help you request an extension. If you’re not financially capable of settling your tax debt in full, we can help you pay what you can and negotiate a reasonable tax settlement with the IRS to resolve the remaining balance.
We can assist you in applying for the best tax debt relief option that suits your financial status, earning potential, and outstanding amount of debt. Some debt relief options you can utilize are:
- Offer in Compromise
- Installment Plans
- Innocent Spouse Relief
- Penalty Abatement
- Currently Not Collectible (CNC) Status
If, unfortunately, the IRS has already issued the levy, Defense Tax Partners can still secure your properties by helping stop the levy. Our Happy tax levy lawyer can help prove that the levy is causing an immediate economic hardship, preventing you from meeting your basic, reasonable living expenses. If your request for a levy release gets denied, we can further appeal this decision on your behalf.
The following circumstances will also allow the IRS to release the tax levy:
- You have paid your full tax debt.
- The statute of limitations for collecting your tax debts had ended before the levy was issued.
- It will help you pay what you owe if the levy is released.
- You have entered into an Installment Agreement with the IRS, and the terms of the agreement don’t allow the levy to continue.
- The IRS determines that the levy puts you under an immediate economic hardship.
- Your levied property has a value that’s more than what you owe, and releasing the levy won’t stop the IRS from collecting your entire tax debt.
Professional Legal Representation
Defense Tax Partners is a top-notch law firm composed of expert tax lawyers who are all committed to helping you manage your tax responsibilities. Our comprehensive list of legal services is tailored to accommodate all your tax issues, whether with the IRS or the Kentucky Department of Revenue.
Aside from helping you stop a tax levy, we can also legally assist you with the following tax concerns:
1. Tax Resolution
2. Offer in Compromise
3. Wage Garnishment Removal
4. Penalty Abatement
5. Bank Levy Removal
6. Innocent Spouse Relief
7. Audit Representation
8. Passport Reinstatement
9. Tax Preparation
10. Tax Lien Removal
11. Tax Fraud Defense
Regardless of your financial status or the severity of your tax violation, we can help you alleviate your situation and/or mitigate your penalties. From reaching a tax settlement with the IRS to proving your innocence from any tax fraud accusation, Defense Tax Partners has the best tax lawyer to help you!
Let’s Talk Now – Free Consultation
Before the IRS even resorts to levying your properties, ask our expert tax lawyers on how you can efficiently resolve your tax debts. We can guide you on how to reduce and settle your liabilities in the least stressful way possible.
However, if the IRS already sent you the Final Notice of Intent to Levy, don’t lose hope. Our tax levy lawyers can still help you get the levy released and settle your outstanding tax liabilities with the IRS.
Call Defense Tax Partners at (502) 251-9518 for your Free Consultation with a Happy Tax Levy Lawyer!