What If the IRS Is Threatening A Wage Or Bank Levy?

This requires a fast handling before your wage check shrinks or your bank accounts disappear. What to do? Contact Torchlight Tax for a free consultation. This consultation is usually followed by a GuardDog Tax Analysis where you sign certain legal documents, including an IRS Power of Attorney, and we contact the IRS, get your full tax files, and request adequate time to review these and propose a resolution. There are different gradients of threatened levy. All have an underlying tax situation and all require time to handle this situation. The first step is to find out exactly why the IRS is threatening. There are many different situations in which the IRS uses levy threats. After all, the levy or its threat is how the IRS enforces collection. So a threatened levy is a common denominator to many IRS actions. There are many different gradient levels of levy threats, and different levels or urgency. Each has a specific response indicated. They all indicate AN UNHANDLED TAX SITUATION. I won’t even say debt, as maybe the debt is based on faulty data! Whatever the situation is, there is an appropriate (1) response and (2) remedy. The appropriate response may be for your duly authorized representative to contact the IRS and request all your IRS transcripts and time to evaluate them and propose a remedy.

Remedy

There IS a remedy for any tax situation, but first we find out what the actual situation is. Usually, the taxpayer does not really know. Nor does the IRS employee who answers the phone. To handle a threatened levy requires fast effective action. Notice the words fast and effective, not slow or panicked. So, we have you sign various forms with GuardDog Tax, including an IRS Power of Attorney. We contact the IRS and get all your tax files. Now we see exactly why the IRS is threatening and can handle it. It usually is not that difficult and need not take long. We contact the IRS within 24 hours. Often we can get the IRS to put a hold on any threatened levy action while we review these documents. There are many possible remedies for the underlying tax situations, such as filing un-filed returns, installment agreements (full-pay and partial-pay), offers-in-compromise,  currently not collectible status and penalty abatement. To see if you qualify for these remedies, you may need to submit financial data to Torchlight Tax. Our Tax Analysis will take all these things into account, and recommend a solution.

Analysis

We usually do the reasonably-priced tax analysis as a first step, so you do not spend large sums of money on an Offer-In-Compromise or some other desirable remedy THAT THE TAX ANALYSIS WOULD SHOW TO BE UNAPPROVABLE.  The important thing to know is there is a remedy that IS approvable.  The Torchlight Tax Analysis,  utilizing advanced software and the experience and acumen  of a tax expert, will direct you toward the best resolution for your tax situation. At Torchlight Tax, we intend to win. We do not fight battles doomed to failure. When we go into battle with the IRS on behalf of our clients, we are prepared. We have your IRS transcripts and your financial details. Our computer software, based on IRS Codes and Regulations, interpreted by an EA, CPA or tax attorney,  tells us what the IRS should accept. There is still a battle to be fought and won. IRS employees may seek to violate their own guidelines. Your financial situation may change in the midst of negotiations (e.g. a a windfall inheritance). Maybe you missed reporting assets to us or they are undervalued and the IRS catches it. These all can be barriers to victory. BUT that is far different from going into battle with the IRS knowing your position is doomed and accepting fees to lose the battle. We do not do the latter at TorchlightTax. We cannot guarantee victory every time we battle the IRS. But we can guarantee that when we go into battle, we expect to win. This is why we do a tax analysis as as first service when major IRS debt is involved. If you have received a levy threat from the IRS, call Torchlight tax for a free consultation 1-877-758-7797.

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