We Offer the Best IRS Levy Release Service for Clients from a Wide Range of Industries
A tax debt can lead to a levy from the IRS i.e. a legal seizure of your assets or property. Unlike a lien, this can also include your bank account, Social Security benefits, your home and even your car! The IRS typically uses wage and bank levies. You will receive a notice from the IRS regarding the levy and also instructions for a hearing if you want to appeal it.
The IRS can release a levy if it determines the following:
- You paid off your debt completely.
- You will be able to pay off your taxes once the levy is released.
- The levy can lead to severe economic hardship.
- The property value is more than the debt owed and if the levy is released, it will not compromise their ability to collect it.
- You agree to an Installment Agreement which does not allow for a continuation of the levy. You need to fill out Form 9465 via the IRS website to start this process. The IRS charges a standard $120 filing fee for the installment plan.
The Exception
If the levied tax resulted from an audit that you were unaware of or you did not take part in willingly, you can ask for a reconsideration. You can also be eligible for relief if your spouse was responsible for underpayments or an incorrect item in your tax return.
What You Can Do
If you get a levy on your bank account, that means the IRS will only take the amount in your bank account that is present when you receive it. If your account gets more funds later, the IRS issues another levy that covers them. Other levies have a consistent effect – they remain in place till you pay off your tax debt in full. Till it is released, the levy may take a portion of what you owe in taxes.
The IRS can also levy you continuously on some federal payments such as your SSP benefits under the Federal Payment Levy Program (FPLP). If you sell or lease services or products to the government, 100% of your payments may go to the IRS. They can also take your tax refunds and client payments.
Get In Touch With Tax Professionals at Enterprise Consultants Group
Even if a levy is lifted, you still have a long and taxing tax resolution process to go through. Give out too much information, and your overall balance may miss out on a potential debt reduction.
This is where the Enterprise Consultants Group can prove invaluable. Our tax advisors offer IRS Levy Release Services that can assist you during this challenging process. Please get in touch with us for a consultation today!
Our service is based on trust and mutual understanding between us and our clients. Each team comprises at least one attorney, consultant and accountant to ensure the best and lasting results. We start with a free and completely confidential consultation using state-of-the-art tax resolution software for your convenience.
