Addressing the Options When Facing a Tax Levy
A levy is not just a simple notice; it’s the government’s legal seizure of your assets to satisfy a tax debt, which can include bank accounts, wages, and property. However, with the right guidance and understanding of your options, resolving this issue can become more manageable.
The Law Office of Max Benkel, PC brings a wealth of knowledge and experience in dealing with IRS tax cases, including those involving tax levies. Led by Max Benkel, a seasoned Atlanta tax attorney with over 35 years of experience, our firm is well-equipped to assist individuals and businesses facing IRS controversies, audits, liens, and collection actions.
Your Options at a Glance
If you owe back taxes, the IRS has powerful tools to collect what’s due. One such tool is the tax levy. A tax levy lets the IRS seize and sell your property to pay down your tax debt. This can include your wages, bank accounts, vehicles, and other assets. Facing an IRS tax levy can be incredibly stressful, but there are options available to help you manage the situation.
IRS Payment Plans
One viable option for dealing with a tax levy is setting up a payment plan with the IRS. This approach allows for the debt to be paid off in more manageable installments over time, offering flexibility and can be tailored to fit your financial situation. It ensures that you can meet your obligations without undue hardship, providing a structured path to clear your tax debt without the immediate financial strain that a lump-sum payment might entail. More about IRS Payment Plans can be found here.
Offers in Compromise
Another path is an Offer in Compromise, which permits the taxpayer to settle their debt for less than the full amount owed. This option is particularly beneficial for those facing significant financial hardship. Our success stories in negotiating Offers in Compromise for our clients highlight our proficiency in this area. For insights into how we can assist, visit our page.
Contesting the Levy
In rare cases, you can dispute the actual tax amount owed. This might involve proving a calculation error or demonstrating that the IRS misinterpreted tax laws. If successful, this challenge can halt the levy and potentially reduce your overall tax liability.
Take Action with Confidence
Confronting a tax levy with the support of an experienced tax lawyer in Atlanta can transform a challenging situation into a manageable one. The Law Office of Max Benkel, PC stands ready to offer comprehensive legal assistance to individuals and businesses. If you or your business is facing a tax levy, IRS audit, or any tax-related issue, contact us today. Let us help you turn the tide in your favor, ensuring that your financial and legal interests are protected.
