A levy, other than actual arrest, is the most serious IRS action. A levy is how the IRS takes money out of your bank account, seizes an asset, garnishes your wages, or dips into your Social Security Check. There are limitations on levies. The IRS does not take more than 15% of your Social Security Check and is supposed to leave you enough wages to survive.
However, unlike private companies, the IRS can levy you WITHOUT GOING TO COURT.
Usually, levies occur because taxpayers ignore IRS letters and do not get IRS Representation when they need it. Sometimes, taxpayers get lulled into a false sense of security by nasty IRS letters and levy threats, and then nothing happens. “What can they do to me? I don’t have the money to pay them” or “Let them do their worst. There is nothing I can do about it”. Then one day your bank account is gone.
If you have IRS debt, do not ignore IRS letters. It is prudent to read and handle all IRS letters. But levies are the most serious. And the most serious include the words “YOUR RIGHT TO A HEARING”. If you receive a Notice of Intent to Levy and YOUR RIGHT TO A HEARING, they can take your bank account without further warning, and probably will when your period to request a hearing expires.
The words “And Your Right to a Hearing” sound innocuous, perhaps even comforting. But they mean they plan to do something so bad that they must tell you your rights. It is analogous to being pulled over by the police. Not a big deal. But when the cop says “You have the right to remain silent. Anything you say can and will be used against you in a court of law. You have the right to an attorney…” you know it is serious. Your right to a hearing is IRS analogous to your Miranda rights!
An even worse levy is a wage levy (or garnishment). That’s when most of your paycheck goes to the IRS, and they don’t leave you enough to pay the bills, and this happens every week until the debt is paid.
If you are treated with a levy or have already been levied, contact Torchlight Tax and Accounting in Las Vegas immediately for a free consultation. You can fill out the free consultation form.
Possible IRS Resolutions:
The IRS has a lot of power. It is the Ultimate Collection Superpower. Mafia leg breakers may be brutal, but their resources and reach pale in comparison to the IRS.
But you are not powerless. You as a taxpayer have rights. There are a lot of safeguards in the law to protect you from unfair IRS actions. Your congressmen have put a lot of protection in the Tax Laws. Courts have made decisions that favor the taxpayer.
Here are some examples of possible IRS Resolutions:
Other than Penalty Abatement, any of the above actions approved should stop a levy.
An expert tax advisor in Las Vegas I at Torchlight Tax and Accounting can work to get these levies released and help you get out of this terrible situation. At Torchlight Tax & Accounting in Las Vegas, we make sure your rights are respected and take action to handle you tax levy situation.
It is important to contact us rapidly. If you reach us early enough, we can take action to prevent the levy. If you have already been levied, we can possibly get some of the levied funds back and can prevent further levies.
Contact Torchlight Tax for a free consultation. Call us at 1-877-758-7797 or 702-463-1818 or email us at info@TorchlightTax.com. We can transfer your call to a branch office near you or help you directly from our central office.
Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.
Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.
When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.</p”>
Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.
Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.