How to prevent IRS Tax Levy
  • August 16, 2022
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If you owe taxes to the Internal Revenue Service (IRS), there are a number of reasons for you to be anxious. You never know when the IRS might put a levy on your assets to recover the outstanding amount. While it is a worrisome scenario, there are ways you can stop or get rid of an IRS tax levy. The best way to prevent such a situation is to pay your taxes on time. If you find yourself the subject of a tax lien, the first thing you should do is hire an IRS tax attorney. If you are a Texas resident, an IRS attorney in Fort Worth, TX, is best placed to help you find IRS tax relief. In this blog, we are going to explore the available tax relief options when looking for tax help in Fort Worth.

What is an IRS tax levy?

First, let us understand what exactly an IRS tax levy looks like. Here’s the thing. Tax levies never generally appear “out of the blue.” The IRS will notify you multiple times about your tax dues before imposing a levy. You will be notified through a Notice and Demand for Payment, which is followed by the Final Notice of Intent to Levy and Notice of Your Right to a Hearing. You must consider the last one as your final warning. Make sure you take immediate action as soon as you receive a notice by hiring an IRS tax attorney in Fort Worth, TX. If you don’t work out a relief plan soon enough, the IRS would take steps to seize your property to cover the value of the taxes you owe. This can include not only seizing your assets, bank accounts, and garnishing your wages, but also extracting funds directly from banks and employers. Let’s look at three ways to remove a tax levy.

Related Blog Post: Answering 5 FAQs about the IRS Bank Levy Process

1. Installment Agreement (IA)

An IRS Installment Agreement (IA) is one of the most common relief options that taxpayers choose when facing tax levies due to unpaid taxes. In this option, the IRS gives a taxpayer 72 months to pay off their tax debt through a systematic installment plan. Remember that while applying for an IA, taxpayers are generally asked to prove that they are not currently capable of paying off the entire debt. For that, you will need to submit sufficient bank records. Make sure that you hire an experienced IRS tax attorney in Fort Worth, TX. An experienced Fort Worth tax lawyer in Dallas, TX, can assist you with all the necessary steps to become eligible for an installment agreement.

Related Blog Post: An Introductory Guide to the IRS Bank Levy Release

2. Offer in Compromise (OIC)

An Offer in Compromise (OIC) is yet another great tax relief option for you if you are facing an IRS tax levy. An OIC is technically a request that you make to the IRS to settle your taxes for an amount less than the actual amount you owe. The OIC is, therefore, a more manageable route toward full payment of your dues. However, it is worth remembering that to be eligible for an OIC, you must be current with all filed returns. Besides, you should also commit to stay current with all future tax payments. Remember that an OIC will not be available if you are currently being audited or going through a bankruptcy.

3. Pursue Bankruptcy

Pursuing bankruptcy is the last resort taxpayers have when they are unable to pay their tax dues to get rid of a tax lien. It is, however, worth noting that filing for bankruptcy is a complex procedure and might not be the ideal option for everyone. You need to consider a number of factors before pursuing bankruptcy. That is why it is recommended to consult a Fort Worth tax attorney to know if filing for bankruptcy is the most suitable option for you.

Final word

We understand that being subject to an IRS tax levy can be frustrating and stressful. If you are facing such a situation, it’s recommended that you consult a qualified tax attorney. When looking for tax relief in Dallas, talk to our team of highly-experienced tax attorneys in Fort Worth, TX, at The Law Offices of Nick Nemeth. To learn more about available IRS tax settlement options, call (972) 426-2553, or fill out our Contact Form, and we’ll reach out to you at the earliest.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
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