Addressing the Options When Facing a Tax Levy

personal income taxWhen facing a tax levy, it’s essential to understand what it entails. A tax levy, not to be confused with a lien, is a legal seizure of your property to satisfy a tax debt. It can involve garnishing wages, taking money from your bank accounts, seizing and selling your vehicle, real estate, and other personal property.

Your Options When Facing a Tax Levy

If you are facing a tax levy, it is important to act quickly and seek legal counsel. An experienced Atlanta tax attorney can help you understand your options and develop a plan to resolve your tax debt.

  1. Offer in Compromise

An offer in compromise (OIC) is a settlement agreement with the IRS that allows you to pay less than your full tax debt. To qualify for an OIC, you must meet certain financial hardship criteria.

  1. Installment Agreement

An installment agreement allows you to pay your tax debt in monthly installments over a period of time. This can be a good option if you cannot afford to pay your full tax debt upfront.

  1. Innocent Spouse Relief

Innocent spouse relief is a provision that protects spouses from being held liable for their partner’s unpaid taxes if they were not aware of the debt or were not responsible for it.

  1. Currently Not Collectible (CNC) Status

If you are experiencing financial hardship, you may be able to obtain CNC status, which means that the IRS will temporarily stop collection efforts.

  1. Full Payment

Of course, the best option is to pay your tax debt in full. This will prevent the IRS from taking any further collection actions against you.

The Role of a Tax Attorney

Facing a tax levy is daunting, but you don’t have to navigate it alone. The Law Office of Max Benkel, with its experienced team in Atlanta, Georgia, is well-equipped to guide you through these challenging times.

Our team understands the intricacies of tax law and can help find the best possible solution for your situation. Whether it’s negotiating with the IRS, setting up a payment plan, or representing you in court, we are here to assist. Don’t let a tax levy overwhelm you.

Contact the Law Office of Max Benkel for a consultation and take the first step towards resolving your tax issues.

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