Understanding about IRS Tax Levy
  • January 31, 2020
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If you owe money to the IRS, a tax levy is one of the main tax problems you could face. To best deal with this and other IRS tax problems, knowledge is gold. The first step we suggest taking is learning everything about tax levies. This will enable you to move forward with the best resolution for your IRS tax problems. In this blog, we delve into everything you need to know about IRS tax levies, including how they can affect you.

What is a tax levy?

Tax levies are one of the most undesirable IRS tax problems any taxpayer may have to deal with. What a tax levy does is seize your property or assets to pay off your tax debt. Tax levies don’t just target real estate, they can target your employer for wages and your bank accounts are also fair game. This is why understanding how to avoid and deal with a tax levy is so important.

Related Blog: A Brief Guide on How to Stop an IRS Levy

How do you know if an IRS Levy Is Coming Your Way?

Fortunately, getting caught off-guard by a tax levy is unlikely to happen. Before you worry about a tax levy, the IRS typically takes action through a tax lien. A tax lien allows the IRS to take claim over your property, without actually seizing it. At this stage, you can seek IRS problems help through a tax expert and get rid of the lien. This can prevent you from actually having your assets seized.

How can a tax levy affect you?

A tax levy can result in the seizing of your home. This is the most extreme action the IRS can take rather than the norm, though. However, it does happen, so you should be aware of the possibility. Additionally, a tax levy can significantly reduce your salary by collecting debt directly from your paycheck. If the IRS decides to freeze your bank accounts, your finances can be affected further.

Related Blog: Procedural Map to an IRS Tax Investigation

Solving IRS Tax Problems: How Can You Get Rid Of A Tax Levy?

There are many ways to approach your IRS tax problems. Yet, the most effective one will always be to pay your tax debt in full. If this is a possibility for you, payment can save you from tax liens and levies. Other IRS problem resolutions include payment plans, applying for an Offer In Compromise, and filing for an appeal. In some cases, filing for bankruptcy is also a choice to consider. Which option is best for you? This is a question that can best be answered by a tax law attorney. Tax law experts will help you determine a course of action and take you every step of the way.

Last words

Are you worried about a tax levy or other IRS tax problems? Stop worrying and take action! The best thing you can do is seek help from a tax law professional early on. This way you can start working towards an IRS problem resolution promptly and boost your chance for success. Tax attorneys at Nick Nemeth’s office are not only qualified but experienced at solving IRS tax problems daily. Get the help you need by calling us at (972) 426-2553 for a free consultation!

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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.
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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
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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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