If you have received an IRS final notice of an impending tax levy, you have undoubtedly not been answering your mail. Once that levy descends on you, its icy fingers can freeze your bank account, seize your personal and real property and essentially put everything you have at the service of the IRS until the debt is paid.
Before the foregoing disastrous scenario plays out, and while there’s still time, you can avoid a tax levy through a number of proactive measures on your part:
- Do not ignore the IRS notices. If you get into what is known as the “IRS notice stream” and do nothing, the IRS occupies the high ground, and you have lost time. When you receive the first notice, follow the instructions and get busy clearing up the problem.
- Talk to the IRS rep and see about arranging a time payment agreement. The recent IRS Fresh Start Initiative might help in making it easier for you to arrange direct debit payments.
- Look into the IRS Offer in Compromise as a possible way of reducing the amount of tax you owe. If you are truly financially destitute and do not have the assets that can be liquidated to settle your debt, you might qualify.
- Don’t stall. If the IRS determines that you are dragging your feet, they have the option to immediately impose the levy, even while considering your request.
On the other hand, if you believe your tax levy is based on an IRS mistake, get some professional tax assistance. Log on to Optima Tax Relief for a free assessment. For More Information Click Here.
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