Stop IRS Levy
Before issuing a levy, the IRS will send a “Notice of Intent to Levy” or a CP 90 or CP 297 to the last known address on file. If a taxpayer has moved and not given notice to the IRS of their current address, they may not receive it. This notice will explain there is a balance due and previous notices have been sent. It will state that the IRS intends to levy certain assets if the balance is not paid or resolved within 30 days. If there is no response to the letter after 30 days, the IRS will usually start levying on certain assets.
An IRS levy is a legal seizure of your property to satisfy a tax debt. An IRS levy can attach to wages, bank accounts, retirement accounts, stocks and bonds. Typically, an IRS wage levy will garnish 70-90% of the net income of the taxpayer. It is a continuous levy, meaning it will continue until the tax debt is satisfied or the levy is released. An IRS bank levy will freeze the funds in an account on the day it is received at the bank up to the amount of the tax debt. The bank or financial institution is required to hold the funds for 21 days and then to send the funds to the IRS unless a levy released is received.The IRS requires a taxpayer to be in compliance with the filing of tax returns before releasing a levy.
With over 15 years of experience with the Collection Department of the IRS, we act quickly to have a levy released. We can prepare any returns that have not been filed and discuss options for any tax balances that are due, including an Offer in Compromise, Installment or Currently Non-Collectible.
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If you owe back taxes that you can't pay, request your FREE, No Pressure, Consultation by filling out our FREE Consultation Form or calling our offices at 1-888-894-2005.If you have a tax resolution related question, feel free to ask us using our Ask A Question page.
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CKTax takes customer satisfaction seriously. With nearly two decades of results and an "A+" RATING with the Better Business Bureau, we aim not only to meet your expectations, but to exceed them. We are commited to excellence in Tax Relief as well as being a company that gives personal attention to each and every client. It has been an honor to serve our clients and we look forword to serving you. Read "10 Reasons To Choose CKTax"
