A failure to pay your tax debt can lead to an IRS levy, where the IRS may seize your assets to recover the outstanding taxes. A tax levy can be stressful, but you get ample time to address the issue. The IRS sends a number of notices and demands before actually seizing your assets. That’s when you need an the expertise of the IRS tax attorneys at the Law Offices of Nick Nemeth. Continuing on the subject, in this blog post, we present an overview the procedure to stop an IRS levy. Read on.
How a Levy is Issued
In case of unpaid taxes, the IRS issues a tax levy if it sends you a notice regarding a tax debt that you do not act upon it. You need to appeal or respond within 30 days of receiving the notice of the intent to levy. You will also need to make payment arrangements within due time to avoid a levy or other penalties. If you do not owe any taxes to the IRS, and the IRS still sends you a notice of intent to levy, we can help sort out the issue.
How to Stop an IRS Levy
The IRS may release the levy if you act in time. If you can prove that the levy will cause an immediate economic hardship, the IRS may release the levy. Other scenarios wherein the IRS may release a levy are:
- You paid in full the taxes owed
- Your ability to pay taxes will increase after releasing the levy
- You enter into an Installment Agreement and the terms of the agreement don’t allow for the levy to continue
- The value of the property is more than the amount owed
If none of the above-mentioned cases are applicable to you, and you still need help with the IRS levy, connect with our team of IRS tax attorneys.
Need Help With an IRS Tax Levy? Speak with Us!
We, at the Law Offices of Nick Nemeth, understand the extent of emotional and monetary distress an IRS levy can cause. Our team of tax attorneys leverages decades of cumulative experience to resolve tax levies and other IRS tax related issues. This article just scratches the surface when it comes to how the actual process of an IRS tax levy works. To get more information on how to stop an IRS levy, fill out a contact form or simply call (972) 627-4580.