5 Ways To Remove An IRS Tax Levy
- June 26, 2019
- Posted by: asal
- Category: Tax Relief
There are several collection activities the IRS can launch when attempting to collect your back taxes. At the end of the day, the IRS’ goal is to recoup back tax debts that taxpayers owe. Tax levies are one of the ways the IRS attempts to get the money you owe them. When the IRS places a tax levy on your property, it claims ownership of it until you pay your debt. However, there are ways to get the IRS to release its tax levy. Working with a tax relief services company can help you get your tax levy released. Platinum Tax Defenders have over ten years of experience getting the IRS to release tax levies for their clients. Read on for ways that you can work with Platinum to get the IRS to release your tax levy.
Pay your back taxes in full
Arguably the most effective way to get your tax levy released is to pay your tax debt in full. If you’re able, pay your back tax debt in full and make sure your account has a zero balance. When you don’t have the financial means, paying off a tax debt in full can be difficult. You may owe the IRS more than $10,000, and don’t just have that money lying around. In this case, if you can’t pay in full, you’ll want to use other methods to release the levy quickly. Otherwise, you could be at risk of the IRS placing a levy on your bank account, house, or vehicle.
Appeal the IRS Levy
When the IRS notifies you of its intent to levy your assets, you have 30 days to file an appeal. However, the request will only temporarily stop the IRS from enacting the levy. Once the IRS decides on your tax situation, the IRS can authorize the levy. To file an appeal, you must complete and submit IRS form 9423. These appeal forms are on the IRS’ website, www.IRS.gov. However, when attempting to deal with the IRS, it’s beneficial to work with a tax relief professional. The tax resolution professionals at Platinum Tax Defenders have years of experience getting levies released for their clients. We know the IRS inside and out and will make sure we’re looking out for your best interests. Appealing a levy can be straightforward; however, it’s no guarantee that the IRS will reverse its decision to levy your assets.
Should I file an appeal on the IRS’ tax levy notice?
While it’s no guarantee that the IRS will reverse its decision to levy your assets, you can still appeal. If you can prove the levy will create extreme financial difficulties for you, you should file an appeal. Additionally, the petition may uncover irregularities in the tax debt collection process. If the IRS discovers an inconsistency, it could compel the IRS to reverse its plan to levy your assets. Before you decide to file an appeal, contact the experts at Platinum Tax Defenders. Our team of experts will look into your case and determine the likelihood of receiving an approval on your request.
Apply for an Installment Agreement
Instead of waiting for months before you can pay your debts off to release your levy, apply for an Installment Agreement. An Installment Agreement allows you to make regular payments on your back tax debt. Your fees are determined based on how much money you make. Additionally, the Installment Agreement will release the levy on your property.
File for an Offer in Compromise
Another tax relief option to consider when getting your levy released is an Offer in Compromise. If you can’t pay off your debt in full, you may qualify for an Offer in Compromise. An Offer in Compromise lets you resolve your debt for less than what you owe. The IRS will forgive the remaining portion of the debt you don’t have to pay. Platinum Tax Defenders have years of experience successfully getting OIC deals for their clients. Recently, Platinum was successful in getting a client’s debt reduced from over $140,000 to $100. To qualify for an OIC, your offer must be realistic and reflect the value of your current income and assets. When the IRS accepts your OIC, you have an opportunity to pay a lower amount and bring your IRS account to zero. After that, the IRS will release the levy.
The IRS’ Fresh Start Program
If you have back tax debt of $25,000 or less, you can apply for the IRS’ Fresh Start program. To qualify for the Fresh Start program, you must:
- Owe $25,000 or less in back taxes
- Agree to allow the IRS to have payments automatically taken from your bank account.
- Make three consecutive installment agreement payments and not currently be in default
- Ensure all of your recent tax filings are up to date
- Make sure all of your estimated tax payments are up to date
Once the IRS accepts you into the Fresh Start program, they alert your local county office.
Get Help From A Tax Relief Professional
Hiring a tax relief specialist can get you a better deal when attempting to get the IRS to release a tax lien. Platinum Tax Defenders can also help you determine for which tax resolution program you qualify. A tax attorney can help you determine which tax relief solution is right for you. The tax resolution specialist can also negotiate with the IRS on your behalf and submit the necessary paperwork. Owing tax penalties can leave you in bad financial shape. The IRS only wants to get what money you owe them in penalties. Often, they are willing to help you get tax relief from penalties, but you have to know how to try. That’s where a tax relief services company can come in handy. When you hire a tax resolution professional, there are other methods you can use to avoid costly tax penalties. Call Platinum Tax Defenders for a free consultation today.