Facing outstanding back taxes with the IRS isn’t a situation you want to be in, as the agency can garnish wages, seize bank accounts, and even put liens on property. There are many reasons to avoid these circumstances, but that isn’t always possible. Sometimes, you just don’t have enough funds to pay taxes. Tax debt help company, 20/20 Tax Debt Help, shares how you can resolve your tax levy situation.
The Worst Case Scenario: Seizing Your Assets
Tax collectors, whether it’s the IRS or your state’s revenue department, have the power to seize your assets if they find out you’re unable to settle outstanding taxes. They will perform necessary actions just to get what you owe, and this includes tax levies. They may seize your property as payment for your tax debt if you don’t seek help for tax levy early on. Although the IRS or the state revenue department sends a demand letter for payment, levies may come at the most inopportune times. Things you rely on for survival, such as your house and car, can be taken away from you.
The Solution: Getting Professional Help
You can determine what type of tax relief help you’re likely to qualify for by working with lawyers and tax experts. You can negotiate a payment plan that won’t cause undue hardship to your life and family. If you’re up against a situation where a tax levy is pending, now is the time to get help. The IRS or state revenue department will most likely issue a tax lien or notify you of intent to levy property, bank accounts, or wages. When this happens, getting professional help early is important. Tax experts will realistically assess your current tax scenario and negotiate the case to a formal and manageable tax resolution.
Know that tax levies aren’t forever and will either end or be resolved at some point. Act now if you’re in this kind of situation as tax levies are easier to deal with earlier on in the process. Visit this website to start developing a strategy that will free you from the threats of tax levy.