What are IRS Tax Levies?
If you get either a Notice of Intent to Levy or a Notice of Levy from the IRS, you need to let us know immediately. There are steps we can take to mitigate this circumstance. If you have IRS tax levies, we can call the IRS collections division and inform them that you wish to enter into an installment agreement with the IRS or that you qualify to pay nothing to the IRS. In some instances, we can try to have a Client placed into a “currently not collectible” (CNC) status with the IRS when there are IRS tax levies filed against them. We can also request a hold on collection action to give us time to submit a Form 433-A to the IRS on behalf of our Client whenever there are IRS tax levies involved. This form has to be sent in to qualify for most IRS programs to settle a tax bill, other than writing them a check for the full amount. Completing this form is where much of the time is spent by us to present your financial situation to the IRS in the most favorable light possible. Generally, the IRS will grant two weeks for this purpose.
A Form 433-A is a detailed, six-page personal financial statement that is used to help deal with IRS tax levies. When you become a Client, one of our Enrolled Agents will review this form with you. We usually will request information from you to enable completion of the form. It is vitally important that the Form 433-A that we send to the IRS is complete and accurate as these forms are signed by the taxpayer under penalty of perjury. Moreover, the Form 433-A serves as the basis of the IRS’ determination of the amount of the taxpayer’s installment payment, or whether to post the taxpayer as CNC.
Our expertise gained from years of experience allows us to apply strategies to the gray areas inherent in these forms to obtain maximum benefit for our Clients.
Release of Levy Request In some circumstances we may be able to request a Release of Levy in an effort to eliminate IRS tax levies. One example is when there is a wage garnishment. For instance, an undue financial hardship may be demonstrated that prevents the taxpayer from paying for basic necessities for the family. This situation may be a candidate to request a Release of Levy. There are many other situations that may allow us to be able to consider a Release of Levy Request.
One of our tax professionals is only a phone call away with knowledgeable advise to help with any IRS tax levies!