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Stop An IRS Levy
Every American tax payer who has fallen foul of the IRS will probably give you the same answer when asked how to handle an IRS levy.
“Stop IRS levy!” At about the same time their palms get sweaty, and they start peering over their shoulder, they will whisper hoarsely, before scuttling away into the rapidly lowering gloom, “don’t let it get that far!”
This is possibly the single best piece of advice any delinquent taxpayer could get. Should you have received a letter from the IRS informing you that a “Final Notice and Intent to Levy” has been filed you need to do something about it, and locking yourself in the basement during daylight hours is not an option. If you do not respond as soon as possible, the IRS will take a dim view of any claim you may make. This is not to say that you will be penalised for taking the time to get your facts in order, on the contrary, if you are sure you don’t owe the government money, it is safe to assume your records are pretty much up to date, which will endear you to your IRS agent, as it will expedite the final findings.
It needs to be borne in mind that the IRS, in its quest for money, has convinced government to grant them far ranging powers to ease their collection burden. In a nutshell, the IRS can do what they like, short of applying a baseball bat to your knees.
Before the IRS places a garnishee order on your salary, or suspends your bank account and stock portfolio, get expert advice on how to deal with the IRS.
There are ways and means that the average Joe can utilise to stop an IRS levy. The IRS are, contrary to popular belief, people. Granted, their job is not great, but it is what they are trained to do, and they do it. Speak to them. If you have already been served with a lien, or Notice of Intent, consult with a Tax professional. It is their job, and it is what you will be paying for, to either stop an IRS levy, or to have it significantly reduced. The chances of getting off paying altogether are remote. You will be able to apply for certain relief schemes, subject to your qualifying of course. Your consultant will contact the IRS and inform them that an appeal is being lodged, from there, they will examine your tax obligations, and advise you of what steps can be taken. Depending on your situation, you may qualify for an Instalment agreement, or make an “Offer in Compromise.” Should your financial situation be such that any further expenditure would create undue hardship on your family, the IRS may mark your case “Currently not Collectible.” This does not mean they are going to forget about you, they will be back.
There are ways and means to stop an IRS levy, the most important of which is to not let matters get that far. Appoint a consultant, and speak to the IRS.
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