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Notice of Levy- Trouble is Looming!

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The purpose of this post to to define what a Notice of Levy is and what it means to you. If you owe the IRS money then it is fair to say this debt has left you worried, sleepless nights, turmoil within your relationship or overall anxiety and if you have received registered mail from the IRS, then your worst nightmares regarding this debt are now coming into fruition. There were steps that were taken prior to this Notice of Levy which you had choose to ignore or weren’t aware of cause you moved and never got warning that this was coming. You see, they send numerous monthly statements and at least two Intent to Levy Notices prior to getting to getting that registered mail. From the IRS’ point of view, you have not acknowledged this debt, addressed it in any way or don’t believe you owe them to begin with which may be the case but since you haven’t contacted them, it leaves them no choice but to retrieve the money they believe is due to them. And if you have moved, it doesn’t relieve you from your responsibility of this Notice of Levy nor is it the responsibility of the IRS to hunt you down to get monies that are due. So you could be blindsided by a IRS levy and received no notification (if you moved) but that will be no excuse and will not be an acceptable reason to stop an IRS levy.

tax debt

Please understand that an IRS Notice of Levy is their way of saying, they waited long enough and we intend to get this money by any means at their disposal and that means any asset you have is subject to this levy. Which means your wages, retirement funds, bank accounts, contractors you work for as well as other assets you may have and even your social security benefits are subject to this levy. The IRS has very long arms and have the ability to reach out and touch you in numerous ways. It is in your better interest to address this issue before that Notice of Levy gets to your mailbox because by then, it may be too late as enforcement has already started and you will be the last to know. Also note that they can come after more than one asset at one time, like your wages and back account at the same time. The purpose of this post is not to scare you but make you aware what is on your horizon if you have a debt with the IRS and you have not addressed it in any way. This is also true if you have a state debt and a lot of same practices will be used as well and in my experience, even worse than the IRS.

IRS Tax Debt

Needless to say a Notice of Levy is serious and must be handled posthaste as it can cripple your ability to take care of your monthly expenses such as food, rent/mortgage. utility bills, car notes, etc.  Your first reaction is to call the IRS to resolve this matter but this may be a big mistake as they will probe you about all aspects of your financial life which will give them even more leverage to go after those assets as well if you don’t resolve this issue. It makes sense to hire a tax professional firm to analyze your current and future financial circumstance to determine the best route to not only get rid of the levy but deal with the total tax debt, once and for all. As stated before on previous post, there are many ways to address this is tax debt, from paying it in full to getting on a payment plan to seeing if you qualify to get your tax reduced to pennies on the dollar which will require you to submit a lot of financial information but can drastically get this debt out of your life quickly and efficiently. Get a free consultation from Premier Tax Resolutions, the Nation’s Premier Tax Resolutions team where we can discuss options  available to you, what we do and how we can help you. You have rights, let us use them to relieve you of this issue and get this dread of doom out of your life permanently. 1-800-554-0146.

The post Notice of Levy- Trouble is Looming! appeared first on Premier Tax Resolutions.


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