The taxation in United States allows IRS to ensure federal tax levy when it requires satisfying a tax liability. Levy provides IRS the right to seize a property by any means and doesn’t require them to go to the court for execution of these powers.
For all taxpayers who are in serious debt, IRS’s tax levy is the most feared weapon. This levy can be conducted on one’s personal residence, insurance policies, and receivables in one’s account, security payments, real property and bank accounts.
One of the most feared weapons is IRS bank levy, under which IRS considers all the money in bank to be non-required and therefore, initiates a process under which the bank is demanded a particular amount from one’s account. IRS bank levy can lead to frozen accounts or financial lose due to legal seizure of property or bank accounts.
When compared to each other, a levy and lien are quite different. While levy is a legal seizure for clearing debt, lien is simply a security that IRS takes as tax debt, which is returned when the tax debt is satisfied. In cases of nonpayment of taxes, IRS can seize or sell properties or levy properties such as bank accounts, licenses, rental income, and cash loan value of life insurance, wages and even retirement amount.
Dealing with a tax levy, whether it’s related to bank accounts, wage, receivables or residential and private property is quite difficult. But the best way to deal with a tax levy is to opt for professional tax services or negotiators. These tax professionals and negotiators are usually known for getting clients released from IRS levies, including wages, bank accounts and properties. Since IRS doesn’t require court’s permission for levies, therefore the best option is to call one of the best tax service providers in the country as soon as a tax levy is served.
It must be noted that most of the times, IRS wage levies are served to get attention from neglecting taxpayer. Therefore, as soon as this levy or any other is received, the individual must call for negotiator’s service. Usually, a bank has 21 days of time before releasing payment for bank levy. Hence, calling tax service can help reduce any financial loses.
It is recommended that while choosing tax services or negotiators, one must opt for a company that offers no win, no fee services. For instance, the company offering a contract saying that the individual won’t have to pay a dime if they aren’t released from the levy must be preferred over others.
This ensures that the organization will work at its best to provide release from any or all kinds of tax levy. Individuals must be ready to answer all kinds of question and must truthfully provide tax services and negotiators any tax related information that may affect course of a levy.
Olivia Grey is a marketing professional and is very much interested in reading and writing. She loves to share useful information from her observation and experience.