It has been said that the most feared weapon in the IRS's tax collection arsenal is the dreaded tax levy. If you receive notice of a tax levy, stay calm. There is help available for those targeted for levies and a tax specialist may be able to have a levy lifted if you seek help quickly and without hesitation.
In a tax levy notice, the IRS states they will seize your property, "without distraint and by any means necessary." This statement may seem abrupt and demanding, make no mistake, this notice is intended to intimidate the tax payer.
The IRS has no time to waste when attempting to collect a debt, by issuing harassing and threatening notices they believe they can "scare" the cash right out of your pocket. The best part is they assume you are trying to pull one over on the Fed, so they not only demand what they think you owe, they also tack on fees and penalties to your to the supposed debt. These penalties and fines can amount quickly, dwarfing your actual tax debt.
By leveraging power granted to the agency by the Internal Revenue Code, the IRS can seize wages, real property, bank accounts, social security payments, insurance proceeds, personal residences, and accounts receivables. The real kicker is not only can the IRS impose these levies upon your immediate assets; they also have the authority to impose them upon a third parties which hold other assets you posses. These third parties can include a bank, brokerage, or spouse.
It’s time to stand up to the IRS and finally get real tax relief. One way out of tax levy is an Offer in Compromise. This is an agreement between you and the IRS that outlines a payment amount that will satisfy what you owe. Your tax specialist can help you apply for an Offer in Compromise and negotiate the amount you will agree to pay with the IRS.
In most cases, your tax attorney will have the amount you owe reduced significantly. He or she will also have the ability to dissolve fees and penalties the IRS tacked on to your debt. If the IRS does not accept your initial offer of repayment, your attorney will have the opportunity to appeal. Once this process is complete, all liens, levies, and other penalties will be lifted; once again granting you access to your assets.
If you have received notice of a possible tax levy, lien, or wage garnishment, contact the experts at Optima Tax Relief immediately. Their team of professional tax attorneys will fight hard to get you the tax debt relief you need to get back in good standing with the Fed.
Devin Finley is a freelance writer and tax relief expert. Devin writes on a multitude of financial and legal topics. He enjoys collaborating and strategizing with other professionals to ensure tax & debt clients receive competent and beneficial representation. For more information Visit http://optimataxrelief.com/
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