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A tax levy is one of the harshest collection mechanisms the IRS possesses. The IRS is legally permitted to garnish your wages and/or levy your bank accounts, or perhaps even seize your assets, including your house, your car, or anything of monetary value, until the amount you owe has been fully paid.

Losing your wages or the funds in your bank account often presents a hardship to you that requires immediate resolution. The IRS will typically provide up to 30 days notice before they do any of this and this will give you enough time to take action and stop them.

IRS wage garnishment is a form of tax levy in which the IRS garnishes your paycheck, and is one of the most common forms of levy for taxpayers who are salaried workers.

Often a wage garnishment can be released before your next paycheck is issued. In most bank account levy cases, your bank account may be restored if the garnishment is released within 20 days after it was processed by your bank.

Most IRS wage garnishments can be stopped within 3-4 business days, if done properly. A wage garnishment or levy is the last resort the IRS utilizies and is one of the most lethal weapons available to the IRS.

There are basically only two proven ways to remove or lift a bank or wage garnishment or levy. You must either payoff the unpaid tax balance or enter into an installment agreement (monthly agreement to pay). You may also be able to convince the IRS you are either uncollectible or could experience an economic hardship as a result of the garnishment or levy.

Normally you must be in compliance before the IRS will entertain releasing a wage or bank garnishment or levy. Being in compliance means you have filed all required tax returns.

You need to be very cautious whenever you contact the IRS relating to a wage or bank garnishment or levy. The IRS will immediately interrogate you, trying to find out what bank accounts you have, what other income you have, and the assets you own. This is all in an effort to begin to levy, garnish, or seize any assets the taxpayer may have. This is one of the reasons why a tax professional should contact the IRS on the behalf of the taxpayer. A tax professional does not have to release that personal information to the IRS. The tax professional's goal at this point is to only determine if the taxpayer is in compliance with the IRS.

If the wage or bank garnishment or levy proves to be a true and immediate hardship to the taxpayer, the garnishment or levy can be released. A hardship to the taxpayer may be that housing, transportation, or food expenses are at an immediate risk. If your electricity is about to be disconnected, or if you are about to be evicted or if you have received a foreclosure notice due to non-payment, then the IRS must consider your request for a release of the garnishment or levy based upon an economic hardship.

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BA Tax Service
Tel: (918) 258-0009
Fax: (918) 251-6995
505 North Aspen Avenue
Broken Arrow, OK 74012
Smith Tax & Accounting, Inc. All rights reserved.

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