Protecting Against the Trials of an IRS Levy
Imagine waking up one day to discover your bank account has been seized by the IRS due to outstanding taxes. This nightmare scenario isn’t uncommon, but there are steps you can take to avoid it.
Understanding IRS Levy and Its Implications
A levy gives the IRS the authority to seize and sell your property, including but not limited to:
- Money in your bank accounts.
- Investment assets and retirement accounts.
- Real estate properties.
- Vehicles and other tangible properties.
- Wages, via garnishment.
The IRS follows a formal process. They first send multiple notices to inform you about the tax due and demand payment. If these are ignored, the IRS issues a Final Notice of Intent to Levy, offering a 30-day window for response before enforcement action begins.
Ways to Protect Against the Trials of an IRS Levy
Prevention and preparation are key when it comes to protecting against the trials of an IRS levy. Here are several strategies you can implement:
- File and Pay Your Taxes Timely
- Seek Professional Help
- Appeal the Levy
- Negotiate an Installment Agreement
- Submit an Offer in Compromise
In some cases, the IRS may accept an offer in compromise, which allows you to settle your tax debt for less than the full amount you owe. Your tax attorney can assess your financial situation to see if you qualify and can assist in preparing and submitting your offer.
Securing Your Financial Future with Law Office of Max Benkel
An IRS levy doesn’t have to be a financial death sentence. With the aid of a skilled Atlanta tax attorney from Law Office of Max Benkel, you can fight back. Don’t let debt control your life; take the reins and proactively engage the support of a tax attorney in Atlanta, GA.
Ready to safeguard your financial future against IRS levies? Reach out to our Georgia tax attorneys today, and let us guide you through the intricacies of tax law and IRS collections. Don’t face the trials of an IRS levy alone, your defense starts here.